Brent oil at $140, OPEC crude beyond $130 set records(Lead)

June 27th, 2008 - 6:07 pm ICT by IANS  

Vienna, June 27 (DPA) The price for crude oil produced by the Organisation of the Petroleum Exporting Countries (OPEC) rose above the $130 and Brent oil soared past $140 a barrel Thursday, an OPEC statement said Friday. One barrel (159 litres) of OPEC-produced crude stood at $130.77 a barrel Thursday, up by $0.90 from $129.87 the previous day.

Stocks on the Dow Jones Industrial Average plummeted more than 300 points on news of the rising oil prices and ongoing fears about financial shares.

OPEC president Chakib Khelil said oil prices between $150 and $170 a barrel during the summer were possible, according to an interview with television station France 24 Thursday.

OPEC calculates an average basket price based on 13 important brands produced by cartel members.

The Brent oil price hit a new record Thursday, surpassing $140 per barrel for the first time.

Oil rose as high as $140.39 per barrel, after Libya threatened to cut its supply, Bloomberg financial news reported.

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