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Oil climbs to record above $141 in Asia

Discussion in '2008 Archive' started by KenH, Jun 27, 2008.

  1. KenH

    KenH Well-Known Member

    May 18, 2002
    Likes Received:
    Oil climbs to record above $141 in Asia

    By GIillian Wong, Associated Press Writer

    Oil prices climbed to a record above $141 a barrel in Asian trading Friday as the dollar's protracted slump prompted investors to flock to oil as a hedge against inflation.

    Prices were also lifted Thursday after OPEC's president said crude 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 $141.71 a barrel before pulling back to $141.10, up $1.46 in Asian electronic trading on the New York Mercantile Exchange, midafternoon in Singapore. The contract Thursday rose $5.09 to settle at a record $139.64.

    - rest at http://news.yahoo.com/s/ap/20080627/ap_on_bi_ge/oil_prices