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MUMBAI: Oil prices reached new heights a day after Mr Edmund Daukoru, the Nigerian oil minister and President of the Organisation of the Petroleum Exporting Countries (OPEC) said oil prices could reach $170 this year owing to a weak dollar and geopolitic al unrest.

Oil prices rose to record high levels close to $142 a barrel on Friday. Brent North Sea crude reached a historic $141.98 and New York light sweet crude struck $ 141.71 a barrel.

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