Archive for the ‘Energy Department’ Category

Oil jumps above $104 as supply drops, OPEC stands pat

March 6, 2008
NEW YORK — Oil prices surged Wednesday, rising a remarkable $5 a barrel to a record above $104 after the government reported a surprise drop in crude oil stockpiles and OPEC held production levels steady.

Most analysts had expected the Energy Department’s Energy Information Administration to report oil supplies rose last week for the eighth straight time. Instead, they fell by 3.1 million barrels.

In Vienna, meanwhile, the Organization of Petroleum Exporting Countries said it would hold production levels steady, at least for now.

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