Crude oil hits all-time high in NY, tops 56 dollars

NEW YORK - Crude oil futures hit an all-time record in New York trading Wednesday, surging above 56 dollars a barrel for the first time to trade at 56.30 after the release of US inventory figures.
The surge in prices on the New York Mercantile Exchange broke the record set last October of 55.67 dollars a barrel. Prices for the April contract then settled back slightly to 56.05 dollars a barrel, up one dollar from Tuesday`s closing price.
The rally began Wednesday after the Energy Department released its data on US inventory levels.
It said US crude inventories rose by 2.6 million barrels for the week ended March 11. However, gasoline supplies dropped by 2.9 million barrels, and distillate stocks fell by 1.9 million barrels.

03/16/2005 15:57 GMT