06/14/2008 05:12 am ET Updated May 25, 2011

$137: Oil Reaches Record High, Analysts Predict $150 By Early July

NEW YORK (Reuters) - U.S. crude oil prices rose more than $9 a barrel to a record $137.70 a barrel, the biggest gain in dollar terms in the history of the market.

Dealers said the gains were due to weakness in the dollar, tensions in the Middle East, and bullish forecasts from big investment banks like Morgan Stanley -- which said Friday oil could hit $150 a barrel by early July.

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