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June 26, 2008

BREAKING: Oil Hits $140

We saw this coming; oil hit $140 a barrel for the first time ever today. It dropped slightly by the end of the day — settling down at $139.64 — still a record. Analysts are explaining the prices by pointing to reports that Libya may cut production, and, an OPEC official said crude might soar to $170 this summer. Wow. Looks like we may be right on target for a prediction by Morgan Stanley that oil could go to $150 a barrel by the 4th of July.