Oil prices hit new record at $140 | ||
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2008-06-27 00:00 | ||
Light, sweet crude for August delivery rose 5.09 dollars to settle at a record 139.64 dollars a barrel on the New York Mercantile Exchange. Prices continued to rise in the after hour electronic trading and hit 140.39 dollars a barrel, surpassing the previous intraday trading record of 139.89 dollars a barrel on June 16. OPEC President Chakib Khelil said Thursday he believes oil prices could rise to between 150 dollars a barrel and 170 dollars a barrel this summer. Khelil's forecast caused a jump in prices. Meanwhile, Libya national oil company said the country may curb output because the oil market is well supplied, according to news reports of France 24. A falling dollar also helped to push up the crude. In London, Brent crude for August delivery rose 5.5 dollars to settle at 139.83 dollars a barrel on the ICE Futures Exchange after touching a record of 140.56 dollars a barrel. Source: Xinhua |