Associated Press
Oil jumps above $140 on OPEC, Libya comments
Jun 26 02:37 PM US/Eastern
By JOHN WILEN
AP Business Writer
NEW YORK (AP) – Oil futures shot above $140 Thursday after OPEC’s president said oil prices could rise well above $150 a barrel this year and Libya said it may cut oil production.
Light, sweet crude for August delivery rose as high as $140.05 in afternoon trading on the New York Mercantile Exchange before retreating slightly to trade up $5 at $139.55.
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 before declining later in the year. Khelil said he doesn’t think prices will reach $200 a barrel.
Khelil joins a long list of forecasters who have made bold oil price predictions this year. Each new forecastsuch as Goldman Sachs’ recent prediction that prices could rise as high as $200causes a jump in prices as speculative buyers are drawn into the market.
Meanwhile, the head of Libya’s national oil company said the country may cut crude production because the oil market is well supplied, according to news reports.
“Shokri Ghanem, the nation’s top oil official, declined to say when a decision would be made on whether to lower production, or give any indication of the size of the cut under consideration,” said Addison Armstrong, director of market research at Tradition Energy in Stamford, Conn., in a research note.
Oil’s move above $140 a barrel was the first for what’s known as a front-month crude contract, or the contract with the earliest expiration date. But it was not the August contract’s first foray above $140August crude futures rose as high as $140.42 a barrel while July futures were still traded as the front-month crude contract. Many other later contracts have also traded above $140.
The previous trading record for a front-month contract was $139.89, set by the July contract on June 16.
Copyright 2008 The Associated Press.
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Royal Dutch Shell conspired directly with Hitler, financed the Nazi Party, was anti-Semitic and sold out its own Dutch Jewish employees to the Nazis. Shell had a close relationship with the Nazis during and after the reign of Sir Henri Deterding, an ardent Nazi, and the founder and decades long leader of the Royal Dutch Shell Group. His burial ceremony, which had all the trappings of a state funeral, was held at his private estate in Mecklenburg, Germany. The spectacle (photographs below) included a funeral procession led by a horse drawn funeral hearse with senior Nazis officials and senior Royal Dutch Shell directors in attendance, Nazi salutes at the graveside, swastika banners on display and wreaths and personal tributes from Adolf Hitler and Reichsmarschall, Hermann Goring. Deterding was an honored associate and supporter of Hitler and a personal friend of Goring.
Deterding was the guest of Hitler during a four day summit meeting at Berchtesgaden. Sir Henri and Hitler both had ambitions on Russian oil fields. Only an honored personal guest would be rewarded with a private four day meeting at Hitler’s mountain top retreat.
IN JULY 2007, MR BILL CAMPBELL (ABOVE, A RETIRED GROUP AUDITOR OF SHELL INTERNATIONAL SENT AN EMAIL TO EVERY UK MP AND MEMBER OF THE HOUSE OF LORDS: 
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