US oil prices rise $1.19 over Wednesday record

HOUSTON, May 20 (Reuters) - U.S. crude oil futures jumped $1.19 in late trade on Wednesday, leaping past new records set earlier in the day, to reach $134.36 a barrel.

The rally to new heights followed a surprise drawdown in U.S. crude oil inventory while the dollar weakened after the Federal Reserve lowered its growth expectations for the year.

Earlier on Wednesday, July-delivery crude settled up 3.25 percent, or $4.19, at $133.17 a barrel, trading from $128.60 to $133.38.

In afternoon trade following the NYMEX close, U.S. crude futures traded as high as $134.15. (Reporting by Erwin Seba; Editing by David Gregorio)