Thursday May 8, 11:44 AM
Brent crude oil hits new record high of $122.79/barrel
LONDON (Thomson Financial) - Brent crude oil jumped to a new record high of $122.79 a barrel in London on Thursday, as prices continued to take support from a drop in distillate inventories in the United States.
Distillates, which include diesel and heating oil, posted a surprise drop in inventories in the U.S. Department of Energy's weekly report yesterday, spurring prices higher.
'The rise in oil prices has been attributed to this draw in distillates particularly diesel and heavy fuel oil which are seen to be in short supply globally,' said Bank of Ireland (Dublin: BIR.IR - news) analyst, Paul Harris (PAUHQ.PK - news) .
At 11:24 a.m., Brent crude for June delivery was up 29 cents at $122.61, having eased slightly on profit-taking from its earlier high.
In New York, West Texas Intermediate crude for June delivery was up 11 cents to $123.64 a barrel, having yesterday hit a record high of $123.93 a barrel.
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