Oil prices shoot above 142 dollars after OPEC comments

LONDON - Oil prices jumped beyond 142 dollars a barrel on Tuesday after the president of OPEC said there was uncertainty surroundingfuture investment in facilities to boost crude output.

By (AFP)

Published: Tue 1 Jul 2008, 7:21 PM

Last updated: Sun 5 Apr 2015, 12:39 PM

Meanwhile the International Energy Agency (IEA) said growth in supply would outpace demand until 2010, after which the market would likely experience supply tensions.

Brent North Sea oil for August delivery surged by 2.45 dollars to 142.28 dollars a barrel in electronic deals.

New York's main oil contract, light sweet crude for August delivery, was up 2.20 dollars at 142.20 dollars.

On Monday, crude futures had struck record high levels close to 144 dollars, as the US currency remained weak against the euro, traders said.

Brent soared to an all-time high of 143.91 dollars and New York crude to a historic peak of 143.67.

On Tuesday the president of OPEC, Chakib Khelil, said the oil producers cartel had concerns about future demand, which led to uncertainty investing in capacity to increase production.

"The concern we have is about the security of demand," Khelil, who is also Algeria's energy minister, told an energy conference in Madrid.

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