Posted AT 4:03 PM EDT on 07/05/08
Oil closes in on $124 a barrel
NEW YORK — Oil futures extended their seemingly relentless advance Wednesday, rising to a new record near $124 (U.S.) a barrel as investors looked past a U.S. government report showing increased supplies of crude and gasoline.
Light, sweet crude for June delivery hit a new record of $123.80 on the New York Mercantile Exchange before retreating slightly to settle up $1.69 at a record $123.53 a barrel.
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