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World Oil Prices Rise to Yet Another Record High


World oil prices rose to another record high after a government report showed a decline in U.S. stocks of gasoline Wednesday.

The price of crude oil for future delivery hit $64.35 cents a barrel after the U.S. Energy Department reported the sixth-straight week of falling gasoline stocks.

The report showed gasoline supplies falling last week by just over two million barrels to a total of 203.1 million barrels.

The closely watched report also showed an unexpected increase in crude oil supplies, prompting an initial decline in oil prices.

Oil prices are about 42 percent higher than they were a year ago.

Analysts say strong demand and worries about possible disruptions in supplies are key reasons for the higher prices.

Some information for this story provided by Reuters.

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