Oil prices rise as stockpiles shrink
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.