KEY POINTS:
Oil reached a new all time record price today of US$1.04 a barrel.
US crude futures climbed to a record peak of US$104.56 earlier in the session.
By 1715 GMT, the front-month contract traded up US$4.69 at US$104.21 a barrel.
London Brent crude surged US$3.25 to US$100.77.
Opec blamed a weakening US dollar, speculation and geopolitical tensions for leading oil, gold and other commodities to record highs.
Oil has now risen nearly five fold since 2002.
- NEWSTALK ZB
