Oil Hits New Record Above $127

Oil prices have risen above $127 a barrel for the first time.

Light, sweet crude for June delivery rose as much as $3.31 to $127.43 a barrel in electronic trading Friday on the New York Mercantile Exchange by afternoon in Europe. That tops the previous high of $126.98 a barrel set Tuesday.

Natural Gas Inventory Build Tops Estimates

Natural Gas stockpiles increased 93bcf

President Bush Urges Saudi Arabia To Increase Oil Production

Bush today flew to Saudi Arabia to make a renewed appeal for the kingdom to help cut record oil prices.

In January, the US president asked Saudi Arabia to increase production to ease high petrol prices, a potential issue in November's US presidential election.