Oil prices strike record highs above 142 dollars

Oil prices jumped to record high levels above 142 dollars a barrel on Friday, as the US currency weakened further and stock markets tumbled at the end of a volatile trading week for investors.

New York light sweet crude struck a historic peak of 142.26 dollars a barrel and Brent North Sea crude reached an all-time high of 142.13 dollars in electronic deals.

"Crude oil futures made fresh record highs, with higher oil prices fuelling inflationary fears and thus hurting stock markets, which in turn triggered a further rally in commodities as investors seek better returns," Sucden analyst Michael Davies said in London.

Prices "continued to be buoyed by the dollar, as the greenback continues its free fall decent this week," he added.

OPEC's president on Thursday predicted that oil prices could reach 170 dollars this year owing to a weak dollar and geopolitical unrest.

Crude futures crossed 140 dollars for the first time on Thursday following the price forecast made by OPEC's chief, Algerian Energy Minister Chakib Khelil, in an interview with television news channel France 24.

(Agencies)