US crude hits $127.43/bbl record on diesel demand

16 May 2008 13:18  [Source: ICIS news]

LONDON (ICIS news)--NYMEX light sweet crude futures gained more than $3/bbl on Friday to take the front-month July contract to a new front-month record high above $127/bbl on a weaker US dollar and strong demand for distillates due to a global shortage of diesel fuel.

By 12:05 GMT, June NYMEX crude had hit a high of $127.43/bbl, a gain of $3.31/bbl from the Thursday close of $124.12/bbl, before easing back to around $127.25/bbl.

At the same time, July Brent crude on ICE Futures was trading around $125.77/bbl, having hit a high of $125.85/bbl, a gain of $3.22/bbl from the previous close.

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By: Tony Dillon
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