Crude oil prices hit a new all-time intraday high after the Energy Department reported a surprise decline in U.S. oil inventories.
The government said inventories slid by 3.2 million barrels last week — a surprise for Wall Street given analysts surveyed by Dow Jones forecasted a 2.4 million barrel increase. Also, the Energy Department said gasoline inventories declined by 3.4 million barrels last week.
Oil futures soared more than $3.50 on the news and hit a new intraday record of $112.21 a barrel on the
New York Mercantile Exchange. Crude closed $2.37 higher in New York at $110.87 per barrel — a new Nymex record.
The soaring oil prices come amid a fresh record for gasoline prices, which increased 1.2 cents to $3.343 a gallon, according to a new survey by AAA and the Oil Price Information Service.
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