Oil Tops $72 a Barrel on Lower Inventory Report

rude oil reached a record $72.40 a barrel Wednesday before falling to close the trading day at $71.90, the third record closing price in three days, Bloomberg reported.

Oil, gasoline and distillate inventories all declined last week, the Energy Department reported earlier Wednesday, which traders on the New York Mercantile Exchage cited as a reason for the latest price jumps, Bloomberg said.

Crude oil stockpiles fell 800,000 barrels, while analysts had predicted a 2.3 million barrel gain, Bloomberg reported.

asoline inventories dropped for a seventh straight week, declining by 5.4 million barrels, DOE reported, more than double the drop predicted by analysts, Bloomberg said.

Distillates — which include heating oil and diesel — plunged by 2.8 million barrels for the week, DOE said in its weekly report.