Oil Nears $123 on Drop in Diesel, Heating Oil Supplies

NEW YORK -- Oil futures extended their seemingly relentless advance Wednesday, rising to a new record near $124 a barrel as investors captivated by the market's upward momentum looked past the government's report of an increase in crude and gasoline supplies. At the pump, gas prices rose for the first time since last week. Light, sweet crude for June delivery hit a new trading record of $123.93 in after-hours activity on the New York Mercantile Exchange after settling up $1.69 at a record close of $123.53 a barrel.
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Posted by Editor at May 8, 2008 12:36 PM