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Oil prices hover around $ 140 a barrel

Oil prices hover around $ 140 a barrel Oil prices eased in Asia on Friday after reaching 140 dollars for the first time following the OPEC president’s forecast that prices could soon surge as high as 170 dollars a barrel. New York’s main oil futures contract, light sweet crude for August delivery, dropped 39 cents to 139.25 dollars.

The contract finished 5.29 dollars higher at a record close of 139.64 dollars a barrel on Thursday at the New York Mercantile Exchange, after reaching an all-time intraday peak of 140.39 dollars. Brent North Sea crude for August delivery fell 48 cents to 139.35 dollars a barrel.

In London on Thursday the contract jumped 5.50 dollars to settle at an all-time closing peak of 139.83 dollars after striking an intraday record 140.56 dollars in frenzied trading.

If there were real demand for extra oil, the Organisation of the Petroleum Exporting Countries (OPEC) cartel would do what was needed to satisfy it, the president of OPEC, Algerian Energy Minister Chakib Khelil said, affirming that there was enough oil in the world for the next 50 years.

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