US crude oil prices surged to the $111-a-barrel level after the government reported a surprise decline in US oil supplies last week. U.S. light, sweet crude for May delivery came within striking distance of the record $111.80 set in mid-March.
The unexpected decline came amid a 1.37 million barrel per day drop in imports to 8.91 million bpd, according to EIA -- a decline analysts attributed to fog delays along the Houston Ship Channel.
The surprise draw on crude was due to the big drop in imports. If that is due to the fog in the Houston Ship Channel, then next week we may see an increase," said Mark Waggoner, president of Excel Futures in Huntington Beach, California.
That leads to our Reader Poll. Do you think the high price of crude is the main reason for the current weakness in our economy?
> Crude Surges to $111 Level On Surprise Supply Drop
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