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Oil races to record highs near $142
DATE:2008-6-27  FROM:  AUTHOR:  DOWN:2512
 
LONDON (AFP) - Oil prices jumped to record high levels nearing 142 dollars a barrel on Friday, a day after OPEC's president said they could reach 170 dollars this year owing to a weak dollar and geopolitical unrest.


Brent North Sea crude reached a historic 141.98 dollars and New York light sweet crude struck 141.71 dollars a barrel in electronic deals.


Crude futures crossed 140 dollars for the first time on Thursday following the price prediction made by the president of OPEC, Algerian Energy Minister Chakib Khelil, in an interview with the television news channel France 24.


After achieving new peaks on Friday, Brent North Sea crude for August delivery stood at 141.33 dollars a barrel, up 1.54 dollars from Thursday's close, as traders banked their profits.

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