| GEO Business|
| Oil prices jumps over $123 a barrel|
| Updated at: 0349 PST, Thursday, May 08, 2008|
NEW YORK: Oil futures extended their seemingly relentless advance, rising to a new record $123 a barrel.
Light, sweet crude for June delivery hit a new trading record of $123.89 in after-hours activity on the New York Mercantile Exchange after settling up $1.69 at a record close of $123.53 a barrel.
Increase in oil prices has been experienced after reduction in US oil reservoirs and increase in its demand.