From Yahoo! Finance:

By Pablo Gorondi, Associated Press Writer

Oil prices briefly rise to record above $127 a barrel in volatile trading

Oil prices soared more than $3 a barrel, surpassing $127 for the first time Friday and putting more pressure on already lofty gasoline and diesel prices ahead of the summer driving season in the northern hemisphere.

Also pushing oil prices up were speculation that China’s demand for diesel needed to fuel its power plants would rise due to reconstruction efforts after this week’s earthquakes and an upward revision of an oil price forecast by investment bank Goldman Sachs from $107 to $141 a barrel for the second half of the year.

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