A motorist fuels up as gas prices hover well above the $4-a-gallon mark in Half Moon Bay, California, 08 May 2008

Crude oil prices rose to fresh record-highs Friday as traders speculated that reduced output from Nigeria would hamper efforts to produce fuel for the peak summer driving months in the United States.

The price of crude oil for future delivery was up more than $2, going as high as $126 a barrel.

The price of crude oil has doubled in the past year.

Members of the Organization of Petroleum Exporting Countries have said there is no need to increase oil output, blaming high prices on the falling value of the dollar and surging investments in commodities.

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