Oil again surges to new recordadmin
Oil prices hit a new record near $124 a barrel after the U.S. Energy Department said diesel and heating oil supplies unexpectedly fell last week.
Light, sweet crude for June delivery hit a new high of $123.80 on the New York Mercantile Exchange before retreating slightly to settle up $1.69 at a record $123.53 a barrel.
The Energy Department report also showed crude inventories rose much more than analysts predicted, while gasoline supplies increased, when analysts forecast a decline.
Retail gas prices rose for the first time since last week, edging up 0.8 cent to $3.618, according to a survey of stations by AAA and the Oil Price Information Service.
On the Nymex, June heating oil futures rose 9.38 cents to settle at $3.4473 a gallon after earlier rising to a new trading record of $3.4535, while June gasoline futures rose 1.27 cents to settle at $3.1182 a gallon after earlier rising to a new high of $3.1323. Natural gas for June delivery rose 17.7 cents to settle at $11.327 per 1,000 cubic feet.