Although analysts were expecting a slight increase in crude oil inventories, the Energy Department reports a decline of 8.8 million barrels. This is the largest weekly decline in crude oil inventories since September 2004.
Temporary delays in unloading oil tankers on the U.S. Gulf Coast are being cited as the primary catalyst for the inventory drop.
Crude prices have reversed earlier losses and are now trading up 66 cents to $131.69
Crude Oil down 8.8 million barrels
Gasoline down 3.2 barrels
Distillates up 1.6 million barrels
Refinery Utilization 87.9%............unchanged
Strength in the US dollar contributed to a significant retreat in crude oil prices on Tuesday.
U.S light sweet crude for July delivery declined $3.34 to close at $128.85 a barrel in trading on the NYMEX.
Tight supplies, a declining US dollar, and strong global demand propelled oil prices to record levels this week.
Brent North Sea oil hit a record high of $135.14 and New York light sweet crude reached a record $135.09 in trading on Thursday.
Crude oil contracts for December 2016 delivery rose more than $20 a barrel (17%) after Goldman Sachs 16 raised its outlook to $141 a barrel for the second-half of 2008.
July crude oil rose $1, or 0.8 percent, to $134.17 a barrel at 9:04 a.m. in Sydney in after-hours trading on the NYMEX.
Chart note: The iPath Crude Oil Total Return Index is up more than 50% since February.
Crude Oil down 5.4 million barrels
Gasoline down 800,000 barrels
Distillates up 720,000 barrels
Refinery Utilization 87.9% up 1.3%
Light, sweet crude for July delivery hit a record $130.47 a barrel in electronic trade on the NYMEX after closing at $128.98 in the floor session.
Supply concerns and renewed weakness in the US dollar continue to drive oil prices higher.
Crude Oil up 200,000 barrels
Gasoline down 1.7 million barrels
Distillates up 1.4 million barrels
Refinery Utilization 86.6% up 1.6%
Oil gained nearly $10 a barrel this week.
Light, sweet crude for June delivery hit a new record of $126.25 on the NYMEX before pulling back to settle at $125.96.
Oil futures set new records for the fifth straight day, and ended the week up $9.64, or 8.3 percent.
Crude Oil up 5.7 million barrels
Gasoline up 800,000 barrels
Distillates down 100,000 barrels
Refinery Utilization 85% down .4%
Crude oil for June delivery rose $3.80, or 3.4 percent, to settle at $116.32 a barrel in trading on the NYMEX.
