May 22, 2008

Oil Rises Above $134 on U.S. Supply Drop, Bank Price Forecasts

by Mark Shenk|

May 21 (Bloomberg) -- Crude oil rose to a record above $134 a barrel as U.S. stockpiles unexpectedly dropped and banks raised price forecasts because of supply constraints and demand growth.

Inventories fell 5.32 million barrels to 320.4 million last week, the biggest drop in four months, the Energy Department said.

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