Crude Oil Dips After Record Climb to $135

Crude oil futures were dipping lower after earlier hitting a record intraday high above $135 a barrel in a volatile trading session at the New York Mercantile Exchange.

West Texas crude was last trading down $1.22 at $131.95 a barrel, and Brent crude was down 99 cents a barrel.

Reformulated gasoline is down 4 cents to $3.35 a gallon, while heating oil is up 2 cents at $3.95 a gallon. Near-term natural gas is up 9 cents at $11.73 per million British thermal units.

Crude's early breakout above $135 a barrel was prompted partly by a story onThe Wall Street Journal's Web site that reported the International Energy Agency is preparing to lower its projections for global crude oil supplies.

Oil's Surge Just Getting Started

However, U.S. dollar strength in Thursday's session is stymieing crude oil's skyward momentum. The U.S. Dollar Index, which measures the value of a basket of currencies, is adding 0.42% to 72.20.

Energy stocks are currently mixed. BP (BP Quote - Cramer on BP - Stock Picks)is up fractionally at $76.30, and Conoco (COP Quote - Cramer on COP - Stock Picks)is fractionally lower at $91.79. Exxon Mobil (XOM Quote - Cramer on XOM - Stock Picks) is 0.8% lower at $92.97 a share.

Among exploration companies, Apache (APA Quote - Cramer on APA - Stock Picks)is 1.2% lower at $143, and Chesapeake (CHK Quote - Cramer on CHK - Stock Picks)is down 4.5% at $53.23.

The U.S. Oil Fund ETF (USO Quote - Cramer on USO - Stock Picks), an exchange-traded fund that tracks WTI futures contracts, is down 1.4% at $106.78.