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Oil Prices Surge on Inventory Report

NEW YORK -- Oil futures surged Wednesday after the government reported large and unexpected declines in crude and gasoline inventories, according to the Associated Press.

Light, sweet crude for December delivery jumped $1.49 to $86.76 a barrel on the New York Mercantile Exchange.

November gasoline rose 3.94 cents to $2.1483 a gallon on the Nymex, and heating oil for November jumped 4.92 cents to $2.349 a gallon.

Posted by Peter C. T. Elsworth  at 11:06 AM to Crude oil market | Permalink

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