Goldman Sachs revised its 2008 second-half outlook for the price of crude oil, increasing it from $107. Nymex crude was up $2.70 to $126.82, hitting a high of $127.82. The previous high of $126.98 was hit on Tuesday, the seventh straight day it made history. Also on Friday, WTI crude was up $2.80 to $126.92.

With fears that China's demand for oil would increase, Barclays Capital's Costanza Jacazio explained that other factors were at work behind the oil price increases.

"Among a series of constructive fundamental dynamics, the severity of non-OPEC supply weakness stands out as the primary factor behind the strong run-up in prices through the year so far," he wrote in a research note to clients. "Performance of non-OPEC producers can be assessed in different ways but whatever way you look at it the conclusion remains the same: production is weak, and the degree of that weakness is increasing in scale."

Gasoline was also up 6.26 cents to 322.93 cents per gallon. Heating oil was up 6.57 cents to 368.81 cents. Natural gas was up $0.009 to $11.408 mmbtu.

All data taken at 11:08 a.m. EDT.

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