Manitoba_Rancher
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Oil hits more new highs Last Updated Wed, 19 Apr 2006 17:56:02 EDT
CBC News
The price of oil set another record again on Wednesday as a weekly U.S. government report showed declines in supplies of crude oil and gasoline.
INDEPTH: Oil prices
After hitting an intraday record of $72.40 US a barrel on the New York Mercantile Exchange, the May contract for light sweet crude eased to a record settlement price of $72.17.
That was up 82 cents from Tuesday's close. The May futures contract expires on Thursday.
The U.S. Energy Information Administration said U.S. crude oil supplies fell by 800,000 barrels last week to 345.2 million barrels. A gain of 1.8 million barrels of supply had been expected, Reuters reported.
Gasoline supplies drop by 5.4 million barrels
Gasoline supplies fell for a seventh consecutive week, declining by 5.4 million barrels to 202.5 million barrels. Market watchers had been looking for a decline of 2.5 million barrels.
NYMEX May gasoline futures finished at $2.2394 US per gallon after hitting a peak of $2.25 US.
In addition to eyeing U.S. supply data, traders are also said to be nervous over global events in Iran. They worry that international efforts to get Iran to curb its nuclear program could lead to disruptions in supply from the world's fourth-largest producer.
In the escalating war of words, Iranian President Mahmoud Ahmadinejad also said Wednesday that oil prices are still under their "real value
