Oil Sharply Higher

June 26, 2008 10:30:11 AM PDT
Oil futures are soaring today on a forecast of sharply higher prices. In mid-session trading, light sweet crude for August delivery was up $3.59 on the New York Mercantile Exchange -- to 138.14. The record close for a near-month contract is $138.54 set earlier this month.

The surge came after OPEC's president said oil prices could shoot as high as $170 a barrel before declining later this year. Additional upward pressure came from news reports that the head of Libya's national oil company said the country may cut crude production because the oil market is well supplied.