The Light Sweet Crude oil contract for July delivery today rocketed to an intraday record of $133.38 a barrel on the New York Mercantile Exchange, as the first day of trading for the new front-month contract also marked the first time crude surpassed $130 a barrel. The July contract closed at a record high of $133.17.
The June contract had set an intraday record of $129.60 on Tuesday, when it went off the board, and closed at an all-time high of $129.07 a barrel.
The early spike in the July contract pushed prices higher for outer months, with the contract for December delivery climbing to $134.33 a sign that market participants expect the supply-demand equation for crude oil to remain tight throughout the year.
Data from the Energy Department released today also showed a 35.3 million-barrel decline in U.S. crude supplies to 320.4 million in the week ended May 16, due to a drop in imports.