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.
Wednesday, August 1, 2007
Oil Close To $79
Oil Hits New Record on Inventory Report