High gas prices posted at a Shell gas station in Redwood City, California, 05 Mar 2008

Crude oil prices continued their surge Thursday hitting a new record high of nearly $106 a barrel.

Prices for crude for future delivery went as high as $105.97 before easing slightly.

The latest record high for oil follows another record low for the dollar compared to the euro. Dollar-priced raw materials like oil gain from the weak greenback because the fall in the dollar makes them cheaper for buyers using other, stronger currencies.

The price spike is also related to Wednesday's decision by the Organization of Petroleum Exporting Countries to hold oil production steady rather than raise output as requested by Washington.

Some oil-importing nations say more oil would help ease prices, but OPEC officials say the markets are well-supplied with crude.

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