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Oil Prices Set New Record Near $128
May 16, 2008, 11:14 AM PDT 
NEW YORK -- Oil prices remained high Friday after Saudi Arabia's oil minister said the oil-rich nation boosted production by 300,000 barrels per day last week in response to requests from customers.Minister Ali Naimi told reporters at a news conference the increase would push output from the world's leading producer to 9.45 million barrels per day by June. The announcement came hours after the White House said the country apparently would not increase demand following a personal appeal from President Bush. Light, sweet crude for June delivery traded $1.70 higher at $125.82 on the New York Mercantile Exchange early Friday afternoon. Prices rose as high as $127.82 a barrel, a new record, earlier in the session. The previous trading record was $126.98. Copyright © 2008, KTLA
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