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Oil prices hit new record at $140
(Xinhua)
Updated: 2008-06-27 10:52 Crude futures surged sharply and broke the $140 level for the first time on Thursday as OPEC predicted oil prices to rise and Libya threatened to cut production. Light, sweet crude for August delivery rose $5.09 to settle at a record $139.64 a barrel on the New York Mercantile Exchange. Prices continued to rise in the after hour electronic trading and hit $140.39 a barrel, surpassing the previous intraday trading record of $139.89 a barrel on June 16. OPEC President Chakib Khelil said Thursday he believes oil prices could rise to between $150 a barrel and $170 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 to settle at $139.83 a barrel on the ICE Futures Exchange after touching a record of $140.56 a barrel. (For more biz stories, please visit Industries)
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