U.S. crude futures jump more than $1, above $123

NEW YORK (Reuters) - U.S. crude oil futures rose more than $1 per barrel on Wednesday, jumping to a record high above $123 after seesawing and bouncing off an initial low right after government inventory data showed crude supplies rose sharply last week.

Heating oil futures helped lift crude oil. Distillate supplies, which include heating oil and diesel fuel, fell slightly last week. Most forecasters expected stocks to rise.

On the New York Mercantile Exchange at 1:09 p.m. EDT, June crude was up $1.20, or 0.98 percent, at $123.04 a barrel, trading from $120.54 to $123.12, a record peak.

(Reporting by Robert Gibbons)