Oil hits $140 per barrel for first time

The oil price hit a new record on Thursday, surpassing $140 per barrel for the first time.

Oil rose as high as $140.39 per barrel, after Libya threatened to cut its supply and the leader of OPEC said prices will likely rise even further this summer, Bloomberg financial news reported.

Stocks on the Dow Jones Industrial Average plummeted more than 300 points on news of the rising oil prices and ongoing fears about financial shares.