June 27, 2008	Friday	Jamadi-us-Sani 22, 1429

NEW YORK, June 26: Oil prices crossed 140 dollars a barrel for the first time in New York and London on Thursday amid a declining dollar and after OPEC warned prices could hit 170 dollars this year.

New York’s main oil futures contract, light sweet crude for August delivery, shot up 5.50 dollars to trade as high as 140.05 dollars per barrel.

In London, Brent North Sea crude for August jumped 6.05 dollars to 140.38 dollars.

The price of crude oil shot up on the new dollar weakness, which makes the dollar-denominated commodity cheaper for buyers using stronger currencies.—AFP