The daily average price of the Organization of Petroleum Exporting Countries (OPEC) set a new record of 121.02 U.S. dollars per barrel on Tuesday, according to the Vienna-based cartel.
It was also the first time the prices had surpassed 121 dollars.
OPEC Secretary-General Abdalla Salem el-Badri, however, insisted the global oil market was well-supplied despite the skyrocketing prices.
Experts and oil analysts pointed out that the speculations in the oil market and the uncertainty about the future OPEC oil supply were the main boosters of the current high prices.
On Tuesday, British Prime Minister Gordon Brown criticized the attitude of OPEC, saying it was a scandal that the cartel could not control the rising prices, which have risen over 40 percent.
On the same day, the U.S. House of Representatives passed a bill authorizing the federal government to sue OPEC in U.S. courts over alleged price fixing, which might also stimulate the price-hike.
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