Oil prices have surged up more than $11 to new record high above $139 a barrel after a Morgan Stanley analyst predicted prices could hit $150 by the Fourth of July.

A falling dollar and growing tensions in the Middle East are also pushing prices higher.

Light, sweet crude for July delivery has traded as high as $136.62 on the New York Mercantile Exchange. Prices hit a previous record of $135.09 a barrel on May 22.

(WNBC)