Oil futures jump to record over $115 on supply concerns


John Wilen
Associated Press
April 16, 2008

NEW YORK (AP) — Crude futures rose past $115 Wednesday for the first time, propelled by concerns about how much gas will be available during the peak summer months.

In its weekly inventory report, the Energy Department’s Energy Information Administration said inventories of gas fell by 5.5 million barrels, much more than analysts surveyed by Dow Jones Newswires had expected. Light, sweet crude for May delivery responded by rising as high as $115.07 on the New York Mercantile Exchange, and later was up $1.15 at $114.94 a barrel.

The report said crude inventories fell by 2.3 million barrels last week, compared to the gain analysts expected.

But the market was torn and traded sharply lower at times by data deeper in the report showing that the country’s appetite for increasingly expensive gas is declining.

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