International Crude Oil reaches $140 a barrel, Saudi Arabia to raise Oil Production

The International crude oil prices crossed the $140 a barrel mark today, causing panic worldwide. The rise in oil prices and further decline in the value of the US Dollar are seen as the indicators of a possible global recession. Retail gas prices rose to a record $4.08 a gallon.

Meanwhile, Saudi Arabia, the world's largest oil producer, has assured the global community that it would boost its oil output by 200,000 barrels a day from next week. If that happens, it might help in easing off the rising oil prices to some extent.