Oil hits record high of $78.77 a barrel

Oil hit a new record high above $78 on Wednesday [1 Aug 2007] after a larger-than-expected drop in crude inventories in the United States. U.S. crude rose to an intraday high of $78.77 a barrel, surpassing the previous peak of $78.40 reached in July 2006.

Crude oil stocks in the world's largest energy consumer tumbled 6.5 million barrels, the Energy Information Administration said, surpassing analysts' expectations for a 700,000 barrel decline. Oil has surged more than $8 over the past month despite a bout of risk aversion that has hit equity markets amid escalating sub-prime lending woes in the United States. Analysts attribute the bullish sentiment to an influx of fund money, geopolitical tensions, and OPEC's reluctance to raise production.

- The $78.40 record has finally been broken. Been waiting a whole year for this.

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