OIL Hits New Record High

Discussion in 'Trading' started by capmac, Aug 1, 2007.

  1. capmac


    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.