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World Oil Prices Hit New High in Asia

World oil prices have hit a record high in Asian trading.

Crude oil for future delivery went as high as $57.79 a barrel.

Oil had closed at $57.25 a barrel Friday in New York after hitting a high of $57.70.

The president of the Organization of Petroleum Exporting Countries, Sheikh Ahmad Fahad al-Ahmad al-Sabah, says oil ministers this week will discuss the possibility of pumping more oil in an effort to bring prices down. OPEC announced an increase in production quotas in mid-March, but that move failed to bring a significant drop on oil markets.

A recent report by analysts at Goldman-Sachs predicted that oil might eventually cost as much as $105 a barrel. Other analysts think $60 is a more likely top price.

Some information for this report provided by AFP and Reuters.