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Oil Cracked $140 Today

Posted on June 26, 2008

Peak demand or not, oil prices show no signs of subsiding:Oil Surges Above $140 to Record as Libya Warns of Output CutJune 26 (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...

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