Crude oil hits new record of $142.26

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Updated: 27/06/2008 | 11:11 PM IST

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Press Trust of India

Friday, June 27, 2008 (New York)

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Crude oil prices on Friday surged to set a new peak of over $142 a barrel as falling stock markets spurred investors to shift their funds to firming oil market.

Crude oil for August delivery climbed to an all-time high of USD 142.26 dollar on the New York Mercantile Exchange, but later it receded to trade at USD 140.56 a barrel, a gain of 92 cents over the previous close.

The rising spree gathered momentum after the crude jumped USD 5.09 to USD 139.64 a barrel in the yesterday's trading, a record settlement price, as Libya threatened to cut output and OPEC's President forecast that prices may reach USD 170 a barrel within months.

Oil has gained 46 per cent this year over concern that the US economy may head into a recession in line with a major mortgage subprime crisis.