Oil climbs to record above $141 in Asia
 

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By GILLIAN WONG

Oil prices climbed to a record above $141 a barrel in Asian trading Friday as the dollar's protracted slump prompted investors to flock to oil as a hedge against inflation.

Prices were also lifted Thursday after OPEC's president said crude prices could rise well above $150 a barrel this year and Libya said it may cut oil production.

Light, sweet crude for August delivery rose as high as $141.71 a barrel before pulling back to $141.10, up $1.46 in Asian electronic trading on the New York Mercantile Exchange, midafternoon in Singapore. The contract Thursday rose $5.09 to settle at a record $139.64.

OIL= $170 A BARREL SAYS OPEC...ouch my ass hurts, I just been fucked by a camel

damn so im gonna spend like $9 a month on gas for my motorbike???!!!!! that's it im PISSED


j/k i realize this effects prices of everything in some form or another.. unless the product is made by things that dont require transportation..

I read not long ago, that even if the price hit 200$ there is not reason for the pump prices.

really??

On CNN they said just the opposite. They said around 70% of the price of a gallon of gas is made up from the cost of the crude oil.