Crude futures hit new record, then retreat

By: The Associated Press
By: The Associated Press

Crude oil futures have pulled back from a new trading high today of $93 per barrel. Traders reacted to word that Mexico's state oil company has suspended some of its production because of stormy weather.

Crude rose sharply last week because of tensions in the Middle East, a weakening U.S. dollar and a tight supply outlook.

Oil prices have risen nine percent since last Wednesday. That's when the Energy Department reported that oil supplies had dropped sharply over the previous week.

Even so, many analysts say oil prices have risen to levels that aren't justified by typical supply and demand considerations, and are due for a fall.

Light, sweet crude for December delivery was up 33 cents to $92.19 a barrel in New York.

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