Crude Shoots Over $140

Crude Shoots Over $140

June 27, 2008 – Posted in Mining Stocks, Oil and Gas

Oil futures shot above $140 after OPEC’s president said oil prices could rise well above $150 a barrel this year and Libya said it may cut oil production.

Light, sweet crude for August delivery rose as high as $140.39 in afternoon trading on the New York Mercantile Exchange before retreating slightly to settle at $139.64, up $5.09 a barrel.

Gasoline futures rose as well, adding 11.72 cents at $3.5113 per gallon. Heating oil contracts added 33.42 cents to settle at $3.8834 a gallon.

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