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Crude prices set new intraday high

[2008-5-30]

Crude futures set new intraday record high Wednesday after the U.S. government reported lower-than-expected inventories.

Crude oil inventories fell 3.15 million barrels to 316 million last week, the first decline since February, the Energy Department said. Supplies of gasoline and distillate fuel, including heating oil and diesel, also fell.

As of 1:00 p.m. EST, light, sweet crude oil futures for May delivery surged 3.51 U.S. dollars to 112.01 dollars a barrel on the New York Mercantile Exchange.

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