Oil Tops $140 a Barrel for First Time
Oil hit a new record Thursday, topping $140 a barrel for the first time as the U.S. dollar declined and OPEC officials warned of higher prices, the Associated Press reported.
Crude futures rose to more $140.05 a barrel before falling back to settle at a record $139.64, up more than $5 from Wednesday’s closing price, AP said.
The previous New York Mercantile Exchange closing price record was $138.54, set on June 16.
OPEC President Chakib Khelil, who is also Algeria’s Energy Minister, said oil could reach as high as $170 a barrel later this year, AP said.
Meanwhile, the head of Libya’s national oil company said the country may cut crude production because the oil market is well supplied, Bloomberg reported.