Oil prices shoot to $127 a barrel
NEW YORK – Oil prices shot to a new record near $127 a barrel today on concerns that Iran may consider cutting crude oil production. Prices have now risen to the level at which the Energy Department forecasts they’ll peak in June, on a monthly average basis; that means prices may still go higher, but their average will peak at around $3. Meanwhile, the International Energy Agency, an adviser to mostly western, industrialized nations, said high prices are cutting demand for oil and petroleum products in the U. Analysts said heating oil futures were being boosted by reports that supplies of distillates, which include heating oil and diesel, fell last month in Europe. read more
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