Wednesday, October 31, 2007

Oil Futures Surge To New Record High, Above $94 A Barrel, After Government Reports Supplies Fell Sharply For Second Week

Oil futures surged today to a new record above $94 a barrel after the government reported an unexpected drop in crude oil inventories for the second week in a row... Investors were also awaiting the Federal Reserve’s imminent decision on interest rates... In its weekly inventory report, the Energy Department’s Energy Information Administration said oil supplies fell by 3.9 million barrels last week. Analysts surveyed by Dow Jones Newswires, on average, had expected an increase of 100,000 barrels...
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