NEW YORK (AFP) - The price of crude oil struck a record high of 126.98 dollars a barrel Tuesday in New York despite new predictions of slower demand growth for energy, traders said.

Crude traded in New York briefly broke through its prior peak of 126.40 dollars, which was reached on Monday. The latest spike came after prices had fallen earlier Tuesday after the International Energy Agency (IEA) cut its forecast for growth in global oil demand.

After scaling new heights, New York’s main oil futures contract, light sweet crude Oil for June delivery, closed at 125.80 dollars, up 1.57 dollars from Monday’s close.

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