U.S. crude futures drop $1.58 to settle at $124.22

NEW YORK, May 14 (Reuters) - U.S. crude oil futures fell on Wednesday as oil markets reacted to inventory data showing crude supply increased slightly and distillate inventories rose more than expected last week.

Concerns about high prices curbing demand and news that Iran said it has no plans to cut crude oil exports also helped pressure oil futures.

On the New York Mercantile Exchange, June crude CLM8 fell $1.58, or 1.26 percent, to settle at $124.22 per barrel, trading from $123.77 to $126.04. Tuesday's $126.98 peak was a record. (Reporting by Robert Gibbons)