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Crude Oil Dips After Record Climb to $135

Futures surged to a new intraday record, but currently are trading lower.

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

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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) - Get BP Plc Report

is up fractionally at $76.30, and


(COP) - Get ConocoPhillips Report

TheStreet Recommends

is fractionally lower at $91.79.

Exxon Mobil

(XOM) - Get Exxon Mobil Corporation Report

is 0.8% lower at $92.97 a share.

Among exploration companies,


(APA) - Get APA Corp. Report

is 1.2% lower at $143, and


(CHK) - Get Chesapeake Energy Corporation Report

is down 4.5% at $53.23.


U.S. Oil Fund ETF

(USO) - Get United States Oil Fund LP Report

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