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Friday May 9, 10:09 PMOil over $126, new peak for 5th straight dayLONDON (Reuters) - Oil prices leapt to a new peak of more than $126 a barrel on Friday, hitting a record for the fifth straight session, in a market given an additional spur by tight supplies of diesel.U.S. crude for June delivery rose $1.87 to $125.56 by 9:35 a.m. EDT, off a record high of $126.20 a barrel. London Brent crude rose $2.81 to $125.65 per barrel. "I'm not particularly surprised by the speed of the rise in crude. There are many market bulls hoping for prices to rise heading into the summer," said Tetsu Emori, fund manager at Astmax Co Ltd in Tokyo. Gas oil futures, the benchmark for European heating oil and diesel contract, surged to a new record high on Friday, driven by worries about tight global diesel supplies. "Lingering geopolitical fears and high heating oil prices are helping the market, but the speed of the rise is too fast," said Tatsuo Kageyama, analyst at Kanetsu Asset Management in Tokyo. Gains in U.S. crude picked up momentum after d |
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