Wednesday, August 1, 2007

Oil Close To $79

Oil Hits New Record on Inventory Report

Oil Prices Rise to New Record After Government Reports Drop in Crude Inventories

NEW YORK (AP) -- Oil prices jumped to a new record Wednesday after the government reported a steep drop in crude inventories last week as refinery utilization surged.

Light, sweet crude for September delivery rose 55 cents to $78.76 a barrel on the New York Mercantile Exchange. That surpasses the previous record of $78.40, set in July 2006.

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