Fueled by a bullish weekly inventory report, oil prices traded up to set a new all time high today. The previous record high oil price was $111.80, but that record was shattered today, as prices moved up to set a new high of $112.21, and are currently trading up $2.17 to $110.67.

Before today’s inventory report, analysts had been expecting to see the Energy Department report that oil inventories had risen by 2.3 million barrles, but the report actually indicated that instead of rising, oil inventories actually fell last week, dropping by 3.14 million barrels.

Gasoline inventories had been expected to decline, but they fell by more than expected which will definitely give reason to believe that today’s record high gasoline average will continue to move higher. Overnight, gasoline prices inched up 1.2 cents to $3.343. We will see how today’s report effects prices overnight tonight.

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