NEW YORK (AP) -- Oil prices are soaring further into record territory, breaking past $140 a barrel after OPEC's president said prices could rise well above $150.
Reports that Libya is considering cutting oil production are also sending prices higher.
Light, sweet crude for August delivery has traded as high as $140.05 on the New York Mercantile Exchange.
Prices are also up on a growing sense that the Federal Reserve may not raise interest rates until late this year. Many analysts believe the Fed's rate cuts over the past year, which have weakened the dollar, have helped send oil prices skyrocketing.