NEW YORK -- Crude futures topped 144 U.S. dollars a barrel Wednesday as the U.S. inventory reported a bigger-than-expected drop last week and the tension in Middle East continued to weigh on the market.
Light, sweet crude for August delivery jumped 2.6 dollars to settle at a record of 143.57 dollars a barrel on the New York Mercantile Exchange. The price continued to rise in the after hour electronic trading and touched a new high at 144.15 dollars a barrel.
The U.S. Energy Department's Energy Information Administration said in its weekly report that crude oil stockpiles dropped by 2 million barrels last week, much more than analysts had predicted.
Meanwhile investors remained concerned about the potential conflict between Iran and Israel. During an interview here on Wednesday, Iran's Foreign Minister Manouchehr Mottaki did not rule out the possibility that Iran could try to restrict oil traffic in the Strait of Hormuz if the country was attacked. About 40 percent of the world's tanker traffic passes through the strait.
In London, Brent crude for August delivery surged 3.59 dollars to settle at 144.26 dollars a barrel on the ICE Futures Exchange. Futures continued its hike in the electronic trading and rose to as high as 144.76 dollars a barrel.
Light, sweet crude for August delivery jumped 2.6 dollars to settle at a record of 143.57 dollars a barrel on the New York Mercantile Exchange. The price continued to rise in the after hour electronic trading and touched a new high at 144.15 dollars a barrel.
The U.S. Energy Department's Energy Information Administration said in its weekly report that crude oil stockpiles dropped by 2 million barrels last week, much more than analysts had predicted.
Meanwhile investors remained concerned about the potential conflict between Iran and Israel. During an interview here on Wednesday, Iran's Foreign Minister Manouchehr Mottaki did not rule out the possibility that Iran could try to restrict oil traffic in the Strait of Hormuz if the country was attacked. About 40 percent of the world's tanker traffic passes through the strait.
In London, Brent crude for August delivery surged 3.59 dollars to settle at 144.26 dollars a barrel on the ICE Futures Exchange. Futures continued its hike in the electronic trading and rose to as high as 144.76 dollars a barrel.
