Crude prices 'ignoring demand and supply rules'

Dubai: The weak dollar and flow of investment money into commodities have pushed oil prices to a fresh record so more pumping from the Organisation of Petroleum Exporting Countries (Opec) would have done little to stop the surge, a senior Opec delegate said on Sunday.

"What can you do?" the delegate said. "Prices are completely ignoring the fundamentals of supply and demand. Even if we had increased [at the Opec meeting], I don't think it would have changed anything. It is financial speculators, the weak dollar and funds driving the price."

Crude futures have jumped about 15 per cent this year in part due to a steep decline in the dollar, which has helped push up the nominal value of all commodities prices in the currency.