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Oil Prices Still Soaring, Hit Record: $126 a Barrel

Crude oil prices rose to fresh record highs Friday as traders speculated that reduced output from Nigeria will hamper efforts to produce fuel for the peak summer driving months in the United States.

The price of crude oil for future delivery was up more than two dollars, going as high as $126.20 a barrel.

The price of crude oil has doubled in the past year, and is up more than seven percent just this week.

Members of the Organization of Petroleum Exporting Countries have said there is no need to increase oil output. They say high oil prices are due to the U.S. dollar's decline in value, compared to other currencies, and surging investments in commodities.

Some information for this report was provided by AFP, AP and Reuters.