World oil prices were near $100 per barrel in Asian trade today after rise to a new record in New York amid speculation that Opec will decide to slash production at a meeting next month.
New York's main oil futures contract, light sweet crude for delivery in March, touched an all-time peak of $101.32 dollars in electronic trading last night before it lapsed.
In Asian trade, the contract for April delivery was at $99.95 dollars per barrel, up 25 cents from its close overnight. The April contract briefly reached an intra-day high of $100.14 dollars.
Brent North Sea crude for April delivery rose 28 cents to $98.70 dollars per barrel.
Opec ministers kept the official daily output ceiling at 29.67 million barrels of oil at an emergency meeting on February 1st, resisting calls from President Bush to increase supply to help bring down prices.
But the market is rife with speculation that Opec will keep its production steady or even decide to cut it.