The price of oil continues to rise on the world market as prices held at nearly $55 per barrel. Analysts believe the near-record prices were caused by a cold spell across the United States and the fall of the dollar in international markets. Of course, energy prices have been high since the United States led invasion of Iraq began in 2003.

'It is cold weather and a weak dollar that is encouraging market participants to push up the price,' Tetsu Emori, chief strategist at Mitsui Bussan Futures in Tokyo told Reuters. 'We have to look at the currency markets rather than the oil fundamentals.'

With the cold weather in the northeastern United States expected to last at least into the weekend, oil prices are expected to remain high.

Despite the continues rise in prices, oil producing nations have no intention of raising production. Iran, Qatar, Algeria, Indonesia and Venezuela have all spoken out against raising the supply of oil on the international market.

A meeting of OPEC nations is scheduled next month in Iran.