Crude oil prices soared to a new record close above $56 a barrel Wednesday despite a decision by OPEC ministers to authorize the pumping of an extra 500,000 barrels of oil a day beginning April 1.
Crude futures shot up more than $1 a barrel after the latest petroleum supply report from the U.S. government showed domestic supplies of gasoline and heating oil fell sharply last week.
Light, sweet crude for April delivery rose $1.41, or 2.5 percent, to settle at a record $56.46 a barrel on the New York Mercantile Exchange.
