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| Oil at record near $140 a barrel | Oil at record near $140 a barrel |
| (10 minutes later) | |
| The price of crude oil hit a new high of close to $140 a barrel in New York trade, despite Saudi Arabia agreeing to increase output in July. | The price of crude oil hit a new high of close to $140 a barrel in New York trade, despite Saudi Arabia agreeing to increase output in July. |
| New York's main oil futures contract, light sweet crude for July delivery, hit a record high point of $139.89 (£71) a barrel. | New York's main oil futures contract, light sweet crude for July delivery, hit a record high point of $139.89 (£71) a barrel. |
| That surpassed the previous high of $139.12 dollars set on 6 June. | That surpassed the previous high of $139.12 dollars set on 6 June. |
| The price later fell back slightly to trade up $4 at $138.86 a barrel on the New York Mercantile Exchange. | The price later fell back slightly to trade up $4 at $138.86 a barrel on the New York Mercantile Exchange. |
| On Sunday, Saudi Arabia had said it would increase its oil production by 200,000 barrels a day next month in a move to meet growing world demand. | On Sunday, Saudi Arabia had said it would increase its oil production by 200,000 barrels a day next month in a move to meet growing world demand. |
| That would make a total rise of 550,000 barrels a day, or over 6%, since May this year, and would take Saudi output to its highest monthly rate since August 1981. | |
| The news was announced after UN Secretary General Ban Ki-Moon met Saudi Oil Minister Ali al-Naimi in Jeddah for talks on the high oil price. | The news was announced after UN Secretary General Ban Ki-Moon met Saudi Oil Minister Ali al-Naimi in Jeddah for talks on the high oil price. |
| Last month, the Kingdom increased its production by 300,000 barrels a day. | Last month, the Kingdom increased its production by 300,000 barrels a day. |
| The country is thought to be the only oil producer with the ability to pump substantially more crude. | The country is thought to be the only oil producer with the ability to pump substantially more crude. |
| It argues that the current high prices are caused by speculators rather than any shortage of crude oil. | It argues that the current high prices are caused by speculators rather than any shortage of crude oil. |
| Oil prices had fallen by almost $2 on Friday after reports that Saudi Arabia might boost oil production. | Oil prices had fallen by almost $2 on Friday after reports that Saudi Arabia might boost oil production. |