Oil Surges Above $140 to Record as Libya Warns of Output Cut
Mark Shenk, Bloomberg
Crude oil jumped above $140 a barrel to a record as Libya threatened to
cut output, OPEC's president said prices may reach $170 by the summer
and the dollar weakened.
Libya may curb output because of a U.S. law that allows terror
victims to seize assets of foreign governments as compensation. OPEC
President Chakib Khelil said oil may surge on a European interest rate
rise, France 24 reported. Oil, gold and copper climbed today as the
dollar dropped because the Federal Reserve gave no signal of higher
interest rates yesterday.
(26 June 2008)
