World oil prices surged to fresh record highs above $142 a barrel Friday as Asian share prices plunged. A sell-off in Asia followed Thursday's steep three-percent decline in U.S. stocks. U.S. shares posted mixed results in Friday's afternoon trading.
Some economists say higher oil prices make it harder for companies to make a profit, prompting investors to move their money out of stocks to other investments, driving down share prices.
The spike in oil prices comes after the president of the Organization of Petroleum Exporting Countries said Thursday that he expected crude prices to go as high as $170 a barrel in the next few months.
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