Oil futures top $123, poised for a four-session win (who is winning? definitely not the people) [View All]

[UpInArms]

Source: CBS Marketwatch

SAN FRANCISCO (MarketWatch) -- Crude-oil futures climbed past $123 a barrel Wednesday to their loftiest level ever, poised to score a fourth winning session following a U.S. government report that showed crude supplies climbed for a third week in a row, but refinery capacity declined.

Crude for June delivery traded as high as $123.35 a barrel on New York Mercantile Exchange. It was last up $1.16, or 1%, at $123. The contract has already gained more than 8% in the previous three sessions.

The contract had dropped to a low of $119.90 a barrel in electronic trading immediately after the data were released, but rebounded to climb to a high of $123.56. Wednesday's high outpace Tuesday's previous record level of $122.73 in electronic trading.

Crude supplies rose 5.7 million barrels to 325.6 million for the week ended May 2, according to a weekly report Wednesday from the U.S. Energy Information Administration, the reporting arm of the Energy Department.

Supplies of oil have now climbed a total of 11.9 million barrels over the past three weeks, according to the government data.

Read more: http://www.marketwatch.com/news/story/oil-tops-123-poised-four-session/story.aspx?guid=%7BEA762176%2D5AA6%2D43E6%2D95E0%2D1B7C449ADDF4%7D

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