Oil edges above $127/bbl on supply fears, Opec reluctance to up output

Oil edged higher above $127 a barrel on Tuesday, as fresh supply concerns combined with Opec's reluctance to increase output to push prices towards all-time record highs.

At 10:26 a.m., New York-traded West Texas Intermediate crude for June delivery -- which expires today -- was up 7 cents at $127.12 per barrel, having set an all-time high of $127.82 per barrel on Friday. Prices closed above $127 a barrel for the first time ever yesterday.

In London, Brent crude for July delivery was down 7 cents at $124.99 per barrel.

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- Posted: 2008-05-20 08:40:17

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