Oil moves over $82, another record
Report shows crude inventories falling more than expected, adds to price gains following Tuesday's Fed rate cut.
September 19 2007: 10:43 AM EDT
(NEW YORK) CNNMoney.com -- Oil prices remained higher Wednesday, trading above $82 a barrel after a government report showed crude supplies falling and a day after the Federal Reserve lowered a key interest rate.
U.S. light crude for October delivery rose 69 cents to $82.20 a barrel on the New York Mercantile Exchange. Oil had traded up 80 cents just prior to the report's release, then touched an intraday record of $82.51 before retreating.
In its weekly inventory report, the Energy Information Administration said crude stocks fell by 3.8 million barrels last week. Analysts were looking for a drop of 1.5 million barrels, according to a Dow Jones poll.
Distillates, used to make heating oil and diesel fuel, rose by 1.5 million barrels while gasoline supplies increased by 400,000 barrels. Analysts were looking for a 1.1 million barrel increase in distillates supplies and a 1.3 million barrel drop in gasoline stockpiles.
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