Crude Oil Futures Spike to New Record - TheStreet

Crude Oil Futures Spike to New Record

Light, sweet crude for August delivery passed $142 a barrel for the first time Friday.
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Crude oil gushed to a new intraday record over $142 a barrel Friday morning, as investors poured money into commodities amid a weakening dollar and this week's steep market selloff.

Light, sweet crude for August delivery surged as high as $142.26 in early electronic trading on the New York Mercantile Exchange, surpassing the previous intraday record of $139.89 earlier this month. More recently, crude futures were trading up$1.52 to $141.16.

Crude settled at a record $139.64 on Thursday, after the head of Libya's national oil company said the nation may reduce production rates because the market could have an oversupply and the president of OPEC said that oil

could trade toward $170 a barrel this year

.

The U.S. Oil Fund ETF

(USO) - Get Report

jumped 4.3% to $113.12 on Thursday.

This article was written by a staff member of TheStreet.com.