Weak dollar not sole reason for high oil prices -- china.org.cn

A worker counts Indian currency at a petrol pump in the northeastern Indian city of Siliguri in this file photo taken on Feb. 5, 2008. Crude oil for May delivery on Wednesday closed at nearly 115 dollars a barrel, the third straight day of records, on supply concerns on the New York Mercantile Exchange.

A worker counts Indian currency at a petrol pump in the northeastern Indian city of Siliguri in this file photo taken on February 5, 2008. Crude oil for May delivery on Wednesday closed at nearly 115 dollars a barrel, the third straight day of records, on supply concerns on the New York Mercantile Exchange. (Xinhua/Reuters Photo)

OPEC's average daily oil prices have set records 16 times since the beginning of this year and soared to 106.65 US dollars per barrel (dpb) Wednesday, the Vienna-based cartel said Thursday.

Oil prices have surged higher since 2007 and regularly hit new peaks, so that price breaking is no longer news but a "routine" matter.

International oil market analysts attribute the high prices mainly to the large amount of speculation in the commodity market, inspired by the weak dollar.

"The US dollar's weakness against major currencies inspired increased investment in the commodities market, particularly for crude oil, pushing prices to record levels," OPEC (Organization of Petroleum Exporting Countries) said in its monthly report published Tuesday.

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