Price of Oil Hits Another Record, Before Dropping on Gasoline Supply Increase

he price of crude oil fell futures in New York briefly set a new record on Wednesday before falling back after the Department of Energy said U.S. inventories of gasoline increased in the latest week, Bloomberg reported.

Crude oil for September delivery hit $44.34 a barrel on the New York Mercantile Exchange early Wednesday, the highest price since futures began trading in New York in 1983, but closed at $42.80.

DOE said gasoline supplies gained 2.4 million barrels to 210.1 million in the week ended Friday, the highest since February 2003. Energy also said crude oil supplies dipped 1.9 million to 298.6 million.

Also Wednesday, Saudi Aramco, the world's largest oil company, said it started production at two new fields in Saudi Arabia three months ahead of schedule and may delay the shutdown of older wells to help meet increased oil demand, Bloomberg reported.

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