Oil Hits Intraday Record, Near $127 a Barrel

Crude oil hit a new intraday record Tuesday near $127 a barrel, and heating oil futures also hit a record, Bloomberg reported.

Benchmark light sweet crude futures peaked at a record $126.98 a barrel on the New York Mercantile Exchange in intraday trading before falling to close at $125.80, just 16 cents short of Thursday’s $125.96 closing-price record.

Heating oil futures, a close proxy for diesel, reached a record in jumping 13.9 cents, or 3.9%, to a record $3.6989 a gallon on the Nymex, Bloomberg said.

Supplies of distillate fuels, which include diesel, fell 6.7% in developed countries in March versus a year ago, Bloomberg said, showing signs that demand is exceeding supply.