Oil futures shot above $140 Thursday, June 26 after OPEC’s president said crude prices could rise well above $150 a barrel this year and Libya said it may cut oil production.
Chakib Khelil, president of the Organization of the Petroleum Exporting Countries, said he believes oil prices could rise to between $150 and $170 a barrel this summer.
Khelil joined a long list of forecasters making frightening price predictions. Each new forecast — like Goldman Sachs’ recent prediction that prices could rise as high as $200 — causes a jump in prices as speculators drive up the price of oil futures.
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