LONDON, April 16: The price of New York oil on Wednesday struck a historic peak at $114.95 on news that US energy inventories tumbled last week and as the US currency hit an all-time low against the euro, traders said.

Later on Wednesday, New York’s main oil contract, light sweet crude for delivery in May, stood at $114.37 a barrel, up 58 cents on Tuesday’s close.

London’s Brent North Sea crude for June struck its own record high of $112.73 a barrel. It stood at $112.16, up 58 cents.

The US Department of Energy (DoE) said on Wednesday that stockpiles of American crude and gasoline tumbled in the week ending April 11, heightening concerns over tightening energy supplies.

US crude inventories slumped by 2.3 million barrels last week compared with analysts’ consensus forecast for a drop of 1.8 million. The DoE added that gasoline, or petrol, stockpiles slid by 5.5 million barrels, which was far greater than expectations for a fall of 1.8 million.

Traders are focused on gasoline supplies refined from crude oil ahead of the peak demand season for motor fuel, starting in May, when Americans hit the roads for their holidays.

Oil futures were also supported on Wednesday after the dollar plunged to an all-time low against the euro, traders added.

Victor Shum of the Gertz energy consultancy, said oil prices would continue to rally. “The market has generally ignored bearish news such as forecasts of slower demand and focused on the bullish (supply news).”—AFP