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Date: Friday 27 Jun 2008

LONDON (ShareCast) - Crude futures hit new record highs on Thursday after a warning from OPEC and concerns about supply in Libya.

Crude price peaked at above $140 a barrel in electronic trading before eventually closing at $139.64, a rise of $5.09.

Opec warned that oil prices will remain high because of the weak dollar, which again slipped on Thursday. The price of a barrel of crude oil will probably rise to between $150 and $170 this summer, said Opec president Chakib Khelil

Meanwhile, Libya has warned that it will cut its output because of a threat on its assets by the US, according to reports.

Gold prices also jumped forward as equity markets slumped and dollar extended losses. The August delivery settled up $32.80 to $915.10.

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