Myra P. Saefong & Polya Lesova
Market Watch
Thursday, June 26, 2008
OPEC president sees prices as high as $170 this summer; natural gas rallies
SAN FRANCISCO (MarketWatch) -- Crude-oil futures climbed to unprecedented levels Thursday, as weakness in the U.S. dollar, influenced by the U.S. Federal Reserve's decision to stand pat on interest rates, sent prices to a peak above $140 a barrel.
Comments from OPEC's president warning of higher oil prices because of the dollar's decline as well as reports that Libya threatened to cut crude output, helped bolster energy prices.
Crude oil for August delivery reached a high of $140.39 a barrel in electronic trading on Globex as of 3 p.m. Eastern.
FULL ARTICLE @ Market Watch
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