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March 13, 2008 3:30 PM, EDT

Oil Closes Over $110 a Barrel

Eddie Seal/Bloomberg News

Crude oil closed above $110 a barrel for the first time Thursday after hitting an intraday record $111, Bloomberg reported.

Oil closed at $110.33 a barrel on the New York Mercantile Exchange, a closing price record, Bloomberg said. The latest in a series of recent records left the price nearly double that a year ago.

The Energy Department said Wednesday that oil inventories rose 6.2 million barrels last week, well over the 1.6 million barrels forecast by economists, the Associated Press reported.

Gasoline supplies rose 1.7 million barrels last week, well over the expected 300,000 barrel increase, and distillate supplies fell 1.2 million barrels, less than the expected 2 million barrel decline, AP said.