Oil prices rise past $132

The Associated Press , Washington | Wed, 05/21/2008 10:59 PM | Business

Oil prices bolted to a new record above $132 a barrel Wednesday after the government reported that stockpiles of crude oil and gasoline fell unexpectedly last week.

In its weekly inventory report, the Energy Department's Energy Information Administration
said crude oil inventoriesfell by more than 5 million barrels. Analysts had expected a modest
increase. Gasoline inventories also fell and took the market by surprise.

Light, sweet crude for July delivery was up more about $3, rising as high as $132.08 a barrel
in late morning trading on the New York Mercantile Exchange. (***)

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