Crude prices rise at end of floor trade

Crude oil prices reached a new closing level in New York on Thursday after spending most of the session trading lower than Wednesday’s close.

June contracts for West Texas Intermediate crude closed up 16 cents to $123.69 per barrel on the New York Mercantile Exchange while Brent crude for June delivery rose to a record high of $123.17 per barrel before easing back slightly to close 81 cents over Wednesday’s price to $123.13 per barrel.

The Organization of Petroleum Exporting Countries said once again, through its Secretary General, that supplies are adequate, that the cartel will not increase production, and that current high prices are the fault of speculators rather than because of tight supplies.

Nymex June gasoline added nearly 2 cents to $3.13 per gallon, just below a new record of $3.14 per gallon set earlier in the session, while June heating oil jumped 6 cents to $3.51 per gallon, just off a new record also set earlier in the session.

At-the-pump prices for gasoline and diesel rose again overnight, with regular unleaded gasoline up 2.7 cents to a record $3.645 per gallon while diesel fuel added 0.9 cent to tie its record high of $4.251 per gallon.