The price of New York crude soared to a record high point of $78,77 per barrel on Wednesday after the United States government said that American crude reserves had tumbled last week.
The record — which smashed the previous all-time high of $78,40 set on July 13 2006 — came after the US Department of Energy revealed that US crude inventories sank by 6,5-million barrels in the week ending July 27.
That was far heavier than market expectations for a drop of 1,13-million barrels.
Crude futures are trading close to record levels as weak energy supplies in the United States — the world’s biggest energy consumer — are stoking concerns over stretched global supplies.
Surging prices have sparked repeated calls from the International Energy Agency for the Opec oil producers’ grouping to hike output in order to calm the market. — AFP