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Crude oil regained its momentum to carve out a new record, after an early sell-off that began at the end of last week. Analysts say traders saw that weakness as a buying opportunity, rushed in, and pushed crude to a new intraday record, well above $108 a barrel. Oil settled at $107.85, but traders seem confident prices will continue to head higher. Other factors continuing to support the bullish move is a weaker dollar, which test 8-year lows against the Japanese Yen. And at least one report that traders are worried about operations at the Cushing facility, which is the NYMEX main delivery hub for crude oil. The Bush Administration has taken notice - urging OPEC members to supply the global market with more oil. And although oil is priced in the weakening dollar, the Europe is also alarmed by rising energy costs. European Union Ambassador to the U.S. - John Bruton. SOUNDBITE: John Bruton, European Union Ambassador to the U.S. (english) saying: "But there is concern that this involves a shift in resources, if your like, from the oil consuming countries like Europe and the United States to the oil producing countries. And managing that and not having an economic recession is one of the policy challenges that we face together." The recent string of record crude prices has translated to pain at the pump for American consumers. Retail gasoline prices hit a record of $3.20 last week and a key survey predicts prices could rise another 20 to 30 cents over the next month. Conway Gittens, Reuters.