Oil roars to record over $112 on US inventory drop

Matthew Robinson
Reuters North American News Service

Apr 09, 2008 13:29 EST

NEW YORK, April 9 (Reuters) - Oil surged to a record high over $112 a barrel on Wednesday after a government report showed a sharp drop in U.S. inventories ahead of the summer driving season.

U.S. crude rose $3.03 to $111.53 a barrel by 1819 GMT after peaking at $112.21, and eclipsing the previous record of $111.80 hit March 17.