World oil prices touched new record highs above $112 a barrel in Asian trade on Tuesday as supply concerns and a sluggish greenback remained key factors behind the hike, dealers said. They said market sentiment remained bullish after the latest United States government data showed a surprise sharp fall in the country's energy stockpiles.
World oil prices fell on Friday after a momentous week that saw record peaks close to $100 as traders worried about tight energy supplies and geopolitical jitters in key producer countries. New York's main contract, light sweet crude for January delivery, sank 95 cents to $96,34 per barrel. The contract had hit an historic $99,29 on Wednesday.