4/10/08 - May Brent Crude Hits New Record High Of $109.98 In Midmorning Trading

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Brent crude oil rallied to a new all-time high in midmorning trade after a surprise drop in US crude stockpiles yesterday fueled fears supply will remain tight going forward. "The data fueled concerns of tight oil market conditions, pushing prices higher," said David Moore, commodity strategist at the Commonwealth Bank of Australia.

At 11.20 a.m., Brent crude for May delivery was up $1.17 at $109.64 a barrel, having earlier touched a new record of $109.98 a barrel.

U.S. crude oil inventories fell by 3.2 million barrels in the week to April 4, the Dept of Energy said yesterday, against expectations for a rise of some 2.5 million barrels.

The department added that gasoline supplies fell by 3.4 million barrels, while distillates dropped by 3.7 million barrels, both declining by more than analysts had expected.

EDIT

http://www.rigzone.com/news/article.asp?a_id=59941