London:  Oil rose to a new record near $130 a barrel on Tuesday, driven by yet more bullish price forecasts from investment banks and influential US oil investor T. Boone Pickens.
The market was also spurred by tight supplies of refined products, especially diesel ahead of the US driving season and amid strong Chinese demand, besides a weak dollar.

US light crude’s June contract, which expires later on Tuesday, rose to an all-time high of $129.58 a barrel and by 10:41 a.m. EDT was trading was $2.20 higher at $129.25.

London Brent crude was up $2.49 at $127.55.

ICE gas oil futures rallied more than 2.5 percent to a record of $1,238.75 a tonne.

The market drew fresh impetus after Pickens said he expected oil prices to reach $150 a barrel this year.