Oil prices have continued to soar, and today they rose above $132 a barrel following this week's inventory report from the Department of Energy.

Prices climbed to a new record high of $132.08, but have since cooled off a bit and are currently sitting at $131.72. The reason for today's jump (OK, at least one of the reasons) was an unexpected drop in both crude oil and gasoline inventories last week.

Analysts had been expecting to see oil inventories rise bit a bit last week, and were shocked when they learned that the actual inventories numbers were in the red, and not just by a little, but by five million barrels. Looking at gasoline inventories, analysts had been hoping to see modest gains as well, but were once again shocked to see the numbers actually falling last week.

Continue reading Weekly inventory report pushes oil up past $132

Weekly inventory report pushes oil up past $132 originally appeared on BloggingStocks on Wed, 21 May 2008 13:50:00 EST. Please see our terms for use of feeds.