Crude Prices Approached $140

Crude prices rocketed more than 10 U.S. dollars in a day on Friday, approaching 140 dollars a barrel on tension in Middle East, weak dollar and Morgan Stanley's forecast.

Light, sweet crude for July delivery rose 10.75 dollars to 138.54 dollars a barrel on the New York Mercantile Exchange after hitting 139.12 dollars, a new record high earlier.

Friday's surge was the biggest single-day price increase in the history of the New York Mercantile Exchange crude contract.

"Everyone was holding their collective breaths today as they witnessed this super spike in oil," said Wall Street Strategies' senior research analyst Conley Turner.