Crude oil was little changed in New York after rising to a record $126.98 a barrel yesterday on concern U.S. refiners may fail to meet demand for distillate fuels such as diesel and heating oil.
Inventories of distillates in developed countries fell 6.7 percent to 477.6 million barrels in March from a year earlier, according to International Energy Agency estimates. Prices also gained after Iranian President Mahmoud Ahmadinejad told the state Fars news agency Iran was reviewing oil output.

"Distillate prices across the globe are in overdrive as demand remains strong while poor refinery margins earlier in the year have led to tight supply," said Robert Lauglin, senior broker at MF Global Ltd. in London. ... Read full article