Shares of petroleum refiners hit new 52-week lows Friday as the price of crude oil jumped past $142 a barrel to a record high.
Light, sweet crude for August delivery rose as high as $142.26 a barrel in premarket electronic trading on the New York Mercantile Exchange before pulling back to trade around $141 a barrel in the afternoon.
Valero Energy Corp., Tesoro Corp., Sunoco Inc., Holly Corp. and Frontier Oil Corp. all hit new lows in morning trading before regaining some ground.
Refiners' margins have been squeezed by rising crude prices and falling demand for refined products such as gasoline and diesel.
In afternoon trading Valero shares were down $1.50, or 3.7 percent, at $39.73. Tesoro fell $1.40, or 7.1 percent, to $18.64. Sunoco gave up 89 cents, or 2.4 percent, at $37.05. Holly shares slid by 84 cents, or 2.2 percent, to $37, and Frontier lost 97 cents, or 4 percent, at $23.49.
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