Intraday and settlement records set on $5 surge as comments from OPEC, Libyan officials raise supply and price concerns.
Oil reached $140 a barrel for the first time ever Thursday following reports that Libya may cut production and an OPEC official said crude could hit $170 a barrel this summer.
Meanwhile, the dollar's decline against the euro added further upward price pressure.
"I think this is just a combination of all those" factors, said Mark Waggoner, president of Excel Futures in California.
Light, sweet crude for August delivery ended the trading day at a record settlement of $139.64 a barrel, up $5.09, on the New York Mercantile Exchange - the third-largest single-day jump on a dollar basis in trading history. The previous settlement mark of $138.54 was set June 6, when oil prices jumped a record of $10.75 a barrel.
Just before the close, oil spiked to an intraday record of $140.39 a barrel. The previous trading high of $139.89 was set June 16.
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