Crude Oil Dips After Record Climb to $135

Futures surged to a new intraday record, but currently are trading lower.
Author:
Publish date:

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 on

The 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

var config = new Array(); config<BRACKET>"videoId"</BRACKET> = 1568135039; config<BRACKET>"playerTag"</BRACKET> = "TSCM Embedded Video Player"; config<BRACKET>"autoStart"</BRACKET> = false; config<BRACKET>"preloadBackColor"</BRACKET> = "#FFFFFF"; config<BRACKET>"useOverlayMenu"</BRACKET> = "false"; config<BRACKET>"width"</BRACKET> = 265; config<BRACKET>"height"</BRACKET> = 255; config<BRACKET>"playerId"</BRACKET> = 1243645856; createExperience(config, 8);

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) - Get Report

is up fractionally at $76.30, and

Conoco

(COP) - Get Report

is fractionally lower at $91.79.

Exxon Mobil

(XOM) - Get Report

is 0.8% lower at $92.97 a share.

Among exploration companies,

Apache

(APA) - Get Report

is 1.2% lower at $143, and

Chesapeake

(CHK) - Get Report

is down 4.5% at $53.23.

The

U.S. Oil Fund ETF

(USO) - Get Report

, an exchange-traded fund that tracks WTI futures contracts, is down 1.4% at $106.78.