Crude oil hits high as OPEC pledge falls flat

Mark Shenk, Bloomberg

A report that US gasoline inventories fell more than expected last week pushed prices past last October’s record of $55.67 a barrel. OPEC meeting in Isfahan, Iran, agreed to boost their quotas by 500,000 barrels a day, or 1.9%.

“US crude supplies rose last week but with the growth of China there’s going to be more competition for barrels in the months ahead,” said Phil Flynn, risk management vice-president of Alaron Trading in Chicago.