Oil prices rise as stockpiles shrink

March 6, 2008


Oil surged Wednesday, rising a remarkable $5 a barrel to a record over $104 after the government reported a surprise drop in crude oil stockpiles and OPEC held production levels steady.

The government report and OPEC decision fed a new frenzy of investing in oil futures, which have risen to new inflation-adjusted records this week as the falling dollar drew new investors to the market.

Light, sweet crude for April delivery settled at a record $104.52 a barrel on the New York Mercantile Exchange.


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