Crude oil came within touching distance of $127 a barrel on Tuesday, extending its record-breaking run for a seventh session, while US petrol and heating oil prices also climbed to new peaks.

Nymex June West Texas Intermediate rose $1.57 to $125.80 a barrel after hitting a record $126.98 while ICE June Brent gained $1.19 at $124.10 a barrel after reaching a high of $124.99.

With investors asking what could halt the upward spiral in oil prices, the International Energy Agency said Opec could “kick-start the process” by giving a clear indication that it would provide more supplies if oil stocks did not increase in the near future. ... Read full article