Energy Sector Roundup: Crude tops $140 a barrel

Crude Shoots Over $140

Oil futures shot above $140 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 $140.39 in afternoon trading on the New York Mercantile Exchange before retreating slightly to settle at $139.64, up $5.09 a barrel.

Gasoline futures rose as well, adding 11.72 cents at $3.5113 per gallon. Heating oil contracts added 33.42 cents to settle at $3.8834 a gallon.

Natural Gas Supplies Rise

The Energy Department's Energy Information Administration said in its weekly report that natural-gas inventories held in underground storage in the lower 48 states rose by 90 billion cubic feet to over 2.03 trillion cubic feet for the week ending June 20.

The inventory level was slightly below the five-year average of 2.09 trillion cubic feet, and well below last year's storage level of about 2.42 trillion cubic feet, according to the government data.

Natural gas for July delivery rose 35.2 cents to settle at $13.105 per 1,000 cubic feet on the Nymex.

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