NYMEX Aug crude oil hits new all-time high of $141.71/bbl

[K.Karthik Raja]

NYMEX Aug crude oil hits new all-time high of $141.71/bbl
Friday, Jun 27
MUMBAI - Crude oil futures on New York Mercantile Exchange and
Intercontinental Exchange today hit new record highs of $141.71 a
barrel and
$141.98, respectively, on comments about supply cuts from Libya,
analysts said.
Shokri Ghanem, former prime minister of Libya and chairman of
National Oil
Corp, said Thursday the market was saturated with supplies and oil
producers
would retaliate against any U.S. move to sue them over high prices.
Organisation of Petroleum Exporting Countries member Libya
currently
produces around 1.8 mln barrels a day.
"Libya's comments are the key factors that are driving oil prices
higher
today," Gnanasekhar Thiagarajan, director, Commtrendz Risk Management
Services, said.
At 1:38PM, NYMEX August crude contract was at $141.10, up $1.46
from
Thursday's close. ICE August Brent crude oil was also up $1.46 at
$141.29.
Oil contracts on MCX and National Commodity and Derivatives
Exchange
also rose in line with global prices, and touched record levels of
6,066
rupees a barrel and 6,060 rupees, respectively.
At 1:38PM, MCX July West Texas crude oil was at 6,045 rupees, up
144
rupees from Thursday's close. NCDEX July light sweet crude oil
contract was
at 6,040 rupees, up 139 rupees. End
.