Crude oil maintaining level above $124 a barrel in Asian trade (AP) (09-05-2008)

BANGKOK, Thailand (AP) -- Oil prices remained above $124 a barrel Friday in Asia keeping close to the record due to renewed U.S. dollar weakness against foreign currencies, which gave support to the commodity, irrespective of the build in crude oil stocks.

Light, sweet crude for June delivery raised $1.04 to hit a trading record of $124.73 a barrel in electronic trading on the New York Mercantile Exchange by mid-afternoon in Singapore.

On Thursday, the contract rose 16 cents to a record close of $123.69 a barrel.

In other Nymex trading, June gasoline futures rose 1.22 cents to $3.15 a gallon, while heating oil futures rose 0.42 cent to $3.514 a gallon. Natural gas futures rose 2.7 cents to $11.29 per 1,000 cubic feet.

In London, June Brent crude futures raised $1.17 to $124.01 a barrel on the ICE Futures exchange in London.

  Source AP