Prices hit new highs as OPEC holds all the cards

Oil prices reached 13-year peaks this week, with US light crude hitting $38.18 per barrel on the Mercantile Exchange, even as supply concerns gain renewed force with oil cartel OPEC maintaining its plans to reduce supplies at a time when Asian demand is rocketing and petrol prices are climbing.

Traders are now concerned about a summer gasoline supply crunch in the United States where fuel inventories are running below normal levels and doubts are being raised about the refineries ability to