Crude oil prices on Friday hit a fresh record high of almost $128 a barrel boosted by a bullish forecast from Goldman Sachs and as US President George W. Bush asked Saudi Arabia, the world's largest oil producer, for help to lower skyrocketing energy prices. Bush, on his second visit to Saudi Arabia this year, was renewing his appeal for the Organisation of the Petroleum Exporting Countries to boost its output. "We do count on the Opec countries to keep adequate supplies out there, so the president will talk again with the king about that," White House spokeswoman Dana Perino told reporters travelling with Bush, Reuters reported. The surge in prices came after Goldman Sachs forecasted West Texas Intermediate crude to average $141 a barrel in the second half of 2008, up from a previous projection of $107 a barrel, it said in a report. Goldman also forecasts prices will rise further next year to average $148. The banks' forecasts carry weight in the oil market and usually move prices sharply. Goldman Sachs is one of the largest Wall Street's banks on oil trading. The bank two weeks ago warned that prices could surge up to $200 a barrel in the next 6-24 months. "Tight supply conditions continue to be the primary catalyst for higher crude prices," Goldman Sachs said in its report. "The near-term outlook for oil prices continues to be bullish," it added, noting that giving the imbalance between supply and demand, "long-term oil prices will need to continue to rise to bring trend oil demand growth inline with trend supply growth." The Goldman Sachs' induced surge pushed prices through key technical barriers, which in turn, triggered further waves of momentum buying. Tight supplies for middle distillates, including diesel, also contributed to the price jump. Nymex June West Texas Intermediate jumped to an intraday record of $127.82 a barrel. It later traded $3.46 higher to $127.58 a barrel. ICE June Brent surged to an intraday high of $125.85 a barrel. Rather than betting on spot contracts, Goldman Sachs recommended to its client buy long-dated crude oil futures, such as the 2012 calendar swap for the West Texas Intermediate, with currently trades at about $120 a barrel. A year that began with people asking whether oil prices would finally reach $100 a barrel is seeing some traders already betting on when it will hit $200 a barrel. The increase in energy costs is putting fresh pressure on the Organisation of the Petroleum Exporting Countries, the oil producers' cartel, to increase its production amid fears of rising inflation worldwide. Opec so far has blamed factors outside its control, such as the weakness of the US dollar, for the rise in oil prices.