FT.COM: Oil prices extended their record breaking run on Friday after pushing above the $140 a barrel level for the first time in the previous session, driven higher by a cocktail of supply concerns, dollar weakness, inflation fears and turmoil in equity markets.
Nymex August West Texas Intermediate hit a hit a record $142.26 a barrel before easing back to trade $2 higher at $141.64. ICE August Brent surged to a fresh peak high of $142.13 a barrel, before edging back to stand $1.27 higher at $141.10 a barrel.
Oil prices rose by more than $5 a barrel on Thursday after Libya threatened to cut its oil production and Opec’s president warned that prices could surge as high as $170 a barrel this summer.
Shokri Ghanem, Libya’s top oil official, said the country was considering reducing oil production in response to a bill before the US Congress that would empower Washington to sue Opec members for cutting supplies. Oil Hits Record above $142 a Barrel >>> By Chris Flood | June 27, 2008
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