World oil prices near record levels

WORLD oil prices bubbled near record highs yesterday as OPEC’s top official said producers were powerless to manage a spike driven by factors outside its control.

US crude futures traded down 22 cents at $41.25 a barrel, not far short of Friday's $41.85, an all-time high in the 21-year history of the New York Mercantile Exchange contract. London Brent was off 12 cents at $37.78 a barrel.

Crude hit back strongly on Wednesday from a reversal early in the week that raised hopes among consumer nations that the worst might be over.