Oil Sets New Record High

[jeffrey]

Oil's record-breaking rally lifted U.S. crude beyond $52 a barrel on Wednesday, after closing at $51.09 a barrel in New York trading Tuesday, up $1.18 in a day, highest closing price ever and only the second time it ended the day at more than $50.

U.S. light crude set a new high of $52.15 a barrel before settling at $52.02, up 93 cents on the day. London Brent, the benchmark for European imports, peaked at $48.10, settling up 86 cents at $47.99.

The gain came despite government data showing that the nation's crude supply grew for the second week in a row.

The Energy Department reported that commercially available inventories of crude grew by 1.1 million barrels to 274 million barrels. That still leaves inventories 4% below year ago levels, a shortfall that has traders worried as global supplies remain tight and colder months approach... [read more at usatoday.com]

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