Oil Hits New Record on Inventory Report Wednesday August 1, 10:52 am ET By John Wilen, AP Business Writer 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. http://biz.yahoo.com/ap/070801/oil_prices.html?.v=12