NEW YORK - The price of New York oil on Wednesday crossed 115 dollars a barrel for the first time after the US government reported falling energy inventories and as the US currency hit an all-time low against the euro, traders said.
New York's main oil futures contract, light sweet crude for delivery in May, climbed 1.28 dollars to 115.07 dollars less than 25 minutes before the market close at 3:00 pm (1500 GMT).
The benchmark price has shot up more than 52 dollars from a year ago.
The US Department of Energy (DoE) said Wednesday that energy stockpiles tumbled in the week ending April 11, heightening concerns over tightening energy supplies.
US crude inventories slumped by 2.3 million barrels last week compared with analysts' consensus forecast for a drop of 1.8 million. The DoE said that gasoline stockpiles slid by 5.5 million barrels, far overshooting expectations of decline of 1.8 million.
Traders are focused on gasoline supplies -- refined from crude oil -- ahead of the peak demand season for motor fuel that starts in May with the American holiday season.
Oil futures were also supported Wednesday after the dollar plunged to an all-time low against the euro, traders added.
In the foreign exchange market, the European single currency rocketed to a record high 1.5979 dollars after official data showed annual eurozone inflation had hit an all-time peak.
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04/16/2008 18:54 GMT