Oil prices climbed to a new record today as the EIA reported a steep drop in crude inventories. Crude oil stocks fell 6.5 million barrels last week, far more than the 700,000 barrel decline analysts had expected. Light, sweet crude for September delivery rose as high as $78.77 in today's trading. The previous intraday record was $78.40, set in July 2006.

Conversely, Gasoline prices continue to fall as refineries have been operating at increasingly higher rates. The EIA's weekly report stated refinery utilization reached its highest level in 2 years at 93.6%. This increase in refinery utlization is sparking crude oil's recent rally. New York Harbor RBOB Gasoline futures are sharply falling on the news:



Today's average price for regular gasoline is $2.867 compared to a year ago average of $3.006.