Oil to $139.89 on Wimpy Saudi Production Increase

Crude oil to $139.89 in New York, a new record. A further weakened dollar is partly to blame, but concerns about the Saudi’s ability “to open up the spigot” are more important.

A source close to the Saudi oil industry told CNBC.com that Saudi Arabia’s pledge to boost oil production by 500,000 barrels per day may not be achievable.

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