Oil Sets Another Record, Above $140

BusinessOil Sets Another Record, Above $140Oil Sets Another Record, Above $140The Associated PressOil futures have climbed to a new trading record near $143 a barrel before pulling back sharply in a spate of late-day profit-taking to settle up 57 cents at a record $140.21.(June 27)Oil futures climbed to a new record near $143 a barrel. The rise came on expectations that the weakening dollar, a major factor in crude's stratospheric rise, will extend its decline and add to oil's appeal. [Notes:SOT: Anthony Grisanti, President GRZ Energy]THE DOLLAR IS A BIG FACTOR BUT WTHE PRESIDENT OF OPEC COMES OUT AND SAYS HE SEES OIL AT 150-175 A BARREL THIS SUMMER, THAT'S WHAT WE REALLY LOOK AT. Oil rose more than $5 to a new settlement record on Thursday, in part on comments by OPEC officials; the organization's president predicted prices will rise further, and a top Libyan oil official suggested his nation may cut production. [Notes:SOT: Anthony Grisanti, President GRZ Energy]THERE NOT GOING TO DO ANYTHING TO INCREASE PRODUCTION THEY'RE NOT GONNA HELP THE SITUATION WITH THE PRICES. THE'RE JUST GOING TO PUMP AT THE LEVELS WE HAVE NOW. SO IF that's NOT A WAKE UP CALL TO GET OFF MIDDLE EAST OIL, I don't KNOW WHAT WOULD BE.Traders are anticipating that the dollar will continue to fall and, consequently, that investors will keep turning to commodities including oil as a hedge against inflation. ___ ___, The Associated Press.