Oil futures jump to record over $115 on supply concerns

[katty]

more: http://biz.yahoo.com/ap/080416/oil_prices.html?.v=10

AP
Oil futures jump to record over $115 on supply concerns

Wednesday April 16, 4:16 pm ET
By John Wilen, AP Business Writer
Oil futures pass $115 for the first time on supply concerns; investors shrug off tepid demand

NEW YORK (AP) -- Crude futures made their first foray past $115 Wednesday, propelled to a new record by concerns about how much gas will be available during the peak summer months.
Inventories of gas fell by 5.5 million barrels last week, according to the Energy Department's Energy Information Administration, a much bigger decline than forecast by analysts surveyed by Dow Jones Newswires. Light, sweet crude for May delivery responded by rising as high as $115.07 on the New York Mercantile Exchange, and later settled up $1.14 at a record $114.93 a barrel.

The report said crude inventories fell by 2.3 million barrels last week, compared to the gain analysts expected.

Oil prices were also boosted by the falling dollar, which declined to a new low against the euro on Wednesday. Many investors buy commodities such as oil as a hedge against inflation and a falling greenback. A weaker dollar also makes oil cheaper to investors overseas.

[ixion]

1. it doesn't matter how much is available...

if no one can afford to buy it. Every day this goes up, my stomach tightens. :(