Motorists move slowly in a traffic jam on Interstates 90-94 through Chicago, 15 May 2008

The price of crude oil soared to yet another record high in Friday's trading in New York.

The price of a barrel of oil for future delivery went as high as $127.43.

The price hike follows declines in the value of the dollar, strong oil demand from China, and a prediction by experts at the Goldman Sachs investment bank that oil could rise to an average price of $141 a barrel in the second half of this year.

Some information for this report was provided by AFP, and Reuters.