Oil Rises Past $82 a Barrel
Crude oil futures continue to soar Wednesday, reaching a record $82.51 a barrel in early trading following a Department of Energy report that showed larger-than-expected inventory declines, Bloomberg reported.
Benchmark light sweet crude oil closed at more than $81 for the first time Tuesday in setting the fourth record in the past five trading days, finishing the day at $81.51 a barrel on the New York Mercantile Exchange, Bloomberg reported.
Crude supplies fell 3.9 million barrels last week, DOE said in its weekly report Wednesday, the 10th decline in the past 11 weeks. Analysts had expected a 2 million barrel decline, Bloomberg said.
Gasoline inventories gained 400,000 barrels, while distillates, which include diesel, rose 1.6 million barrels, DOE said in its weekly report.
