Oil prices have risen above $129 a barrel as Opec says that it would not be boosting oil output over the next few months. This raised concerns about supply, and the speculation that China would need to import more oil after its earthquake has also driven prices.
Analysts are warning that oil prices could reach up to $150 a barrel before the end of the year, and with the US Dollar weakening investors are looking at buying commodities instead of the Dollar.
Opec has stated that it will not meet until its scheduled conference in September to talk about increasing oil output, and goes on to say that speculators were to blame for price increases, and not the traditional supply and demand.