Oil Dips from Record, Closing Just Over $118 a Barrel

Crude oil prices fell for the first time in four days Wednesday, a day after setting a closing-price record of more than $119 a barrel, Bloomberg reported.

Oil closed at $118.29 a barrel on the New York Mercantile Exchange, after closing at a closing-price record of $119.37 a barrel on Tuesday, Bloomberg said.

Oil futures had peaked at an overall record of $119.90 a barrel in intraday trading Tuesday, Bloomberg reported.

The soaring prices came as the U.S. dollar hit an all-time low of $1.6018 against the euro, Bloomberg said.

Meanwhile, the Department of Energy said Wednesday that crude inventories rose last week, but gasoline and distillates, which include diesel, declined.

Oil stockpiles rose 2.4 million barrels for the week ended Saturday, while gasoline fell 3.2 million barrels. Distillates fell 1.4 million barrels, DOE said.