TOKYO - Oil held near $115 a barrel on Thursday, off a record high above that level hit earlier but supported by a weak dollar and U.S. government data showing a sharp fall in U.S. gasoline inventories.
Crude for May delivery CLc1 was trading down 6 cents at $114.87 a barrel by 0028 GMT, after touching an all-time high of $115.21 earlier. London Brent crude LCOc1 was trading up 17 cents at $112.83 a barrel, a record intraday high.
U.S. government data showed on Wednesday that gasoline stocks fell 5.5 million barrels in the week to April 11, a much sharper decline than the 1.8 million barrels expected by analysts, just as the world's top consumer gears up for the summer driving season.
U.S. crude stocks fell 2.3 million barrels last week, countering analysts' forecasts for a build. Distillate stocks, which include heating oil and diesel, climbed 100,000 barrels, against forecast for a decline.
Oil prices have quintupled since 2002 as surging demand, particularly from developing Asian economies like China, outpaces new supply.
A weak U.S. dollar has supported oil's record rally by boosting non-U.S. spending power and attracting investors seeking an inflation hedge.
The dollar plummeted to lifetime lows against the euro on Wednesday, as a steep decline in U.S. home construction and record high euro zone inflation underscored the contrasting growth paths of the two economies.
Crude for May delivery CLc1 was trading down 6 cents at $114.87 a barrel by 0028 GMT, after touching an all-time high of $115.21 earlier. London Brent crude LCOc1 was trading up 17 cents at $112.83 a barrel, a record intraday high.
U.S. government data showed on Wednesday that gasoline stocks fell 5.5 million barrels in the week to April 11, a much sharper decline than the 1.8 million barrels expected by analysts, just as the world's top consumer gears up for the summer driving season.
U.S. crude stocks fell 2.3 million barrels last week, countering analysts' forecasts for a build. Distillate stocks, which include heating oil and diesel, climbed 100,000 barrels, against forecast for a decline.
Oil prices have quintupled since 2002 as surging demand, particularly from developing Asian economies like China, outpaces new supply.
A weak U.S. dollar has supported oil's record rally by boosting non-U.S. spending power and attracting investors seeking an inflation hedge.
The dollar plummeted to lifetime lows against the euro on Wednesday, as a steep decline in U.S. home construction and record high euro zone inflation underscored the contrasting growth paths of the two economies.
