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Crude hits record high of $126.98/bbl

2008-05-14 21:28:47 Source : Power Breakfast/CNBC-TV18

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By Sharon Epperson, CNBC

Crude is hovering near USD 126 per barrel, after briefly touching a new intra-day record of USD 126.98 per barrel, after the Iranian President said a proposal to reduce the country's crude output was being reviewed by experts.

Crude is continuing its upward spiral. It hovered around USD 127 per barrel mark before slipping. The Nymex June crude made a record high at USD 126.98 per barrel.

US weekly inventory data today has seen gains in inventories over three weeks. It has estimated the increase in crude inventories by 1.7 million barrel.

Crude rallied on factors like low refining activity in the US, strong demand for distillates in Europe, futures trading higher in Asia, decreased output in May in Iran, and the first YoY decline in imports in 18 months in China. IEA said the demand from China and the Middle East is expected to be up by 4.9%. It has revised the 2008 global growth forecast to 1.2% from 1.5%.