Oil crosses record $110, despite supply rise

Cybergal · Mar 12, 2008

Oil crosses record $110, despite supply rise

3/12/08

NEW YORK (CNNMoney.com) -- Oil prices rebounded to another record high Wednesday afternoon after initially plummeting when a government report said supplies of crude and gasoline had risen much more than expected.

In afternoon trading, U.S. light crude for April delivery surged to a high of $110.20 before closing at $109.92. Oil had traded as low as at $107.09 following the report's release on Wednesday morning.
In its weekly inventory report, the U.S. Energy Information Administration, a government agency that measures oil and gas supplies, said crude stocks rose by 6.2 million barrels last week. Analysts were looking for a rise of 1.6 million barrels, according to a Dow Jones poll.

Gasoline supplies rose by 1.7 million barrels, significantly more than the 300,000 barrel rise that analysts had forecast. The government said gasoline stockpiles are well above average for this time of year.
"The big number is the build in gasoline," http://money.cnn.com/2008/03/12/markets/oil_eia/index.htm?cnn=yes
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MedicineMan · Mar 12, 2008

as LOW as $107.09

good grief

Socy Grad · Mar 12, 2008

I guess they are getting ready for the big summertime spike in prices. They're just warming us up for the shock.

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