U.S. crude futures leap to record above $140

NEW YORK – Oil futures shot above $140 Thursday 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 $140.05 in afternoon trading on the New York Mercantile Exchange before retreating slightly to trade up $5 at $139.55.


Chakib Khelil, president of the Organization of the Petroleum Exporting Countries, said he believes oil prices could rise to between $150 and $170 a barrel this summer before declining later in the year. Khelil said he doesn’t think prices will reach $200 a barrel.

Khelil joins a long list of forecasters who have made bold oil price predictions this year. Each new forecast