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Oil topped $100 per barrel on Monday for the first time since 2008, as traders fretted over violent unrest in Egypt.

Opec says Europe's debt crisis and an oversupply of crude in the market are weighing heavily on crude demand in the second half of the year.

Oil prices fell on Tuesday as Opec decided at a meeting against changing the cartel's official crude output levels, in a widely expected move.

World oil prices rebounded on Wednesday above $100 a barrel after a surprise decision Opec to cut production by 520 000 barrels a day.

Oil prices dived under $105 on Tuesday, reaching four-month lows, after Hurricane Gustav apparently spared key United States energy facilities.

Opec has concerns that future demand for oil might not be strong enough to justify investment to boost oil production.

Algerian Energy Minister Chakib Khelil, president of Opec, forecast on Thursday that oil prices could rise to $150 to $170 a barrel.

Chakib Khelil, president of Opec, on Tuesday rebuffed calls from oil-consuming countries to increase supply.

The price of oil rocketed to a record high point of $127,43 per barrel on Friday, as United States President George Bush prepared to urge Saudi Arabia to pump more crude. New York's main oil futures contract, light sweet crude for June delivery, beat the previous all-time peak of $126,98 set on Tuesday owing to worries about tight supplies.

Record oil prices and a slowdown in advanced economies are set to curb global oil demand despite growth in China and the Middle East, the International Energy Agency (IEA) forecast on Tuesday, saying stockpiling was a key factor. Demand from emerging economies might be set back if and when governments decide that fuel subsidies are unsustainable, the IEA said.

The price of New York crude oil soared above $126 per barrel on Friday, lifted by speculative demand amid concerns about tight global energy supplies, analysts said. New York's main oil futures contract, light sweet crude for June delivery, spiked as high as $126,20 in London trading hours.

The price of New York crude oil surged past $125 per barrel on Friday, lifted by speculative demand amid concerns about tight global energy supplies, analysts said. New York's main oil futures contract, light sweet crude for June delivery, spiked as high as $125,98 in early afternoon London trading.

World oil prices hit a fresh record high point close to $125 per barrel on Friday, extending this week's record run after the Organisation of the Petroleum Exporting Countries insisted the market was well-supplied and driven by speculators. New York's main oil futures contract, light sweet crude for June delivery, spiked to an historic $124,73 per barrel.

World oil prices paused within sight of the $120 level on Thursday after a mixed report on United States energy stockpiles, dealers said. In Asian afternoon trading, New York's main oil futures contract, light sweet crude for delivery in June, slipped 25 cents to $118,05 per barrel.

International concern mounted as world oil prices edged closer to $120 a barrel Wednesday and the world's top producer called for calm. Analysts said a weakening United States dollar, supply worries in Nigeria and the reluctance of the Organisation of the Petroleum Exporting Countries to increase output have all contributed to the price surge.