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Posted AT 3:49 PM EDT on 13/05/08

Oil hits another record high

JOHN WILEN

The Associated Press

NEW YORK — Oil prices shot to a new record near $127 (U.S.) a barrel Tuesday on concerns that Iran may consider cutting crude oil production. Light, sweet crude for June delivery rose as high as a record $126.98 in midday trading on the New York Mercantile Exchange before retreating to settle up $1.57 at $125.80. Jim Ritterbusch, president of energy consultancy Ritterbusch and Associates in Galena, Ill.

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