Oil prices topped $140 a barrel in New York

NEW YORK, June 26 (Xinhua) --oil prices in New York and London both exceeded $140 a barrel and set a new closing record on The News that international oil prices are expected to remain high and Libyan State Oil Threatens to cut productionOn the, light crude oil futures for August delivery on the New York Mercantile Exchange hit 139The $64 closing high was up 509 and at one point in after-hours electronic trading it reached $140$39Brent crude futures for August delivery on the London International Petroleum Exchange climbed as high as 140$56, up 55, at $139 a barrelThe latest record of $83the day's main factor in the surge in oil prices is OPEC chairman, Algeria's energy and mining minister Khalil predicted that the international market price sofa this summer may rise to $150 to $170 a barrelKhalil is the latest bold forecast for higher oil prices, after Goldman Sachs forecast in May that international oil prices would rise to $200 over the next two years and raise the average price of crude oil in the second half of the year from $107 a barrel to $141Analysts believe that whenever similar forecasts come out, it will attract a large number of speculative buyers into the crude oil futures market, leading to a sharp rise in international oil pricesat the same time, OPEC member Libya National Oil Company said on the 26th, because of the oversupply in the market, the company may reduce crude oil productionInternational oil prices have also been pushed higher by the fall in the dollar against major currencies such as the eurothe same day, gasoline futures for July delivery rose 11 72 cents to close at $3.5113 Heating oil prices for July delivery rose 33 42 cents to close at $3.8834 Natural gas futures for July delivery rose 35.5 percent per 1,000 cubic feet 2 cents to close at 13 $105 New York stock market fell 3% European stock market New York, June 26 , as Goldman Sachs downgraded Citigroup and General Motors and oil prices exceeded $140 , the New York stock market opened sharply on the 26th , closing the three major stock indexes fell about 3 % , the Dow fell to its lowest level since September 2006 , the S Goldman Sachs announced the same day that Citigroup's shares would be included in its "Ok To Sell" list and predicted that the largest U.S bank would face further writedowns of about $8.9 billion At the same time, Goldman Sachs downgraded its overall rating on brokerage stocks from "attractive" to "neutral" and said it would be hard to find a catalyst in the coming months to spur a sharp rise in brokerage stocks As a result, the financial stocks of the day felt heavy selling pressure Goldman Sachs also downgraded GM's stock rating to "sold" from "neutral" Goldman Sachs said the deterioration in the auto industry would amplify GM's liquidity problems and force the company to raise capital GM's shares plunged 11 percent to their lowest level in 54 years the day, by the dollar fell, OPEC forecast oil prices will climb to $170 and Libya may announce oil production cuts and other factors, crude oil futures prices rebounded sharply, the first time in the session to break 140 U.S dollars This further heightened concerns about inflation and corporate profitability smartphone maker RIM suffered its biggest one-day drop since 2001 amid fears that competition between its BlackBerry and Apple's iPhones will hurt its profits In addition, Oracle forecasts the slowest growth in sales since 2006 The tech-heavy Nasdaq composite index fell 3 3%。 Economic data released the day showed that the U.S labor market remained weak, although gross domestic product grew at an annualized rate of 1 percent in the first quarter, slightly better than expected, and may home sales were in line with expectations, but that did not ease investors' worries about finance, inflation and economic slowdown the Dow Jones Industrial Average was down 358.30 percent from the previous session at the close of trading in New York 41 to close at 11,453 42 points, down 3 03%。 The Standard and Poor's 500-stock index fell 38 82 points, closed at 1283 15 points, down 2 94%。 The Nasdaq composite fell 79 89 points, closing at 2321 37, down 3 33%。 Major European stock markets also fell the day London's FTSE 100 index fell 2 61% to 5518 2 o'clock Frankfurt's DAX index fell 2 39% to 6,459 6 o'clock The CAC 40 in Paris fell 2 43% to 4,426 19 o'clock XINHUA NEWS , JUNE 26 (XINHUA)
BY THE OPEC CHAIRMAN-IN-OFFICE IS EXPECTED TO CONTINUE TO HIGHINTERNATIONAL OIL PRICES AND THE LIBYAN NATIONAL OIL COMPANY THREATENED TO CUT PRODUCTION, NEW YORK, LONDON, OIL PRICES ON THE 26TH EXCEEDED $140 PER BARREL, AND SET A NEW CLOSING RECORD On the , light crude oil futures for August delivery on the New York Mercantile Exchange hit 139 The $64 closing high was up 5 09 and at one point in after-hours electronic trading it reached $140 $39 Brent crude futures for August delivery on the London International Petroleum Exchange climbed as high as 140 $56, up 5 5, at $139 a barrel The latest record of $83 the day's main factor in the surge in oil prices is OPEC chairman, Algeria's energy and mining minister Khalil predicted that the international market price sofa this summer may rise to $150 to $170 a barrel Khalil is the latest bold forecast for higher oil prices, after Goldman Sachs forecast in May that international oil prices would rise to $200 over the next two years and raise the average price of crude oil in the second half of the year from $107 a barrel to $141 Analysts believe that whenever similar forecasts come out, it will attract a large number of speculative buyers into the crude oil futures market, leading to a sharp rise in international oil prices at the same time, OPEC member Libya National Oil Company said on the 26th, because of the oversupply in the market, the company may reduce crude oil production International oil prices have also been pushed higher by the fall in the dollar against major currencies such as the euro the same day, gasoline futures for July delivery rose 11 72 cents to close at $3.5113 Heating oil prices for July delivery rose 33 42 cents to close at $3.8834 Natural gas futures for July delivery rose 35.5 percent per 1,000 cubic feet 2 cents to close at 13 $105 New York stock market fell 3% European stock market New York, June 26 , as Goldman Sachs downgraded Citigroup and General Motors and oil prices exceeded $140 , the New York stock market opened sharply on the 26th , closing the three major stock indexes fell about 3 % , the Dow fell to its lowest level since September 2006 , the S Goldman Sachs announced the same day that Citigroup's shares would be included in its "Ok To Sell" list and predicted that the largest U.S bank would face further writedowns of about $8.9 billion At the same time, Goldman Sachs downgraded its overall rating on brokerage stocks from "attractive" to "neutral" and said it would be hard to find a catalyst in the coming months to spur a sharp rise in brokerage stocks As a result, the financial stocks of the day felt heavy selling pressure Goldman Sachs also downgraded GM's stock rating to "sold" from "neutral" Goldman Sachs said the deterioration in the auto industry would amplify GM's liquidity problems and force the company to raise capital GM's shares plunged 11 percent to their lowest level in 54 years the day, by the dollar fell, OPEC forecast oil prices will climb to $170 and Libya may announce oil production cuts and other factors, crude oil futures prices rebounded sharply, the first time in the session to break 140 U.S dollars This further heightened concerns about inflation and corporate profitability smartphone maker RIM suffered its biggest one-day drop since 2001 amid fears that competition between its BlackBerry and Apple's iPhones will hurt its profits In addition, Oracle forecasts the slowest growth in sales since 2006 The tech-heavy Nasdaq composite index fell 3 3%。 Economic data released the day showed that the U.S labor market remained weak, although gross domestic product grew at an annualized rate of 1 percent in the first quarter, slightly better than expected, and may home sales were in line with expectations, but that did not ease investors' worries about finance, inflation and economic slowdown the Dow Jones Industrial Average was down 358.30 percent from the previous session at the close of trading in New York 41 to close at 11,453 42 points, down 3 03%。 The Standard and Poor's 500-stock index fell 38 82 points, closed at 1283 15 points, down 2 94%。 The Nasdaq composite fell 79 89 points, closing at 2321 37, down 3 33%。 Major European stock markets also fell the day London's FTSE 100 index fell 2 61% to 5518 2 o'clock Frankfurt's DAX index fell 2 39% to 6,459 6 o'clock The CAC 40 in Paris fell 2 43% to 4,426 19 o'clock (Yang Liu) (Yang Lei)