Oil futures fluctuated and gasoline futures rose to a new record after the U.S. government said Wednesday that crude-oil inventories grew last week in a report that raised new questions about gasoline supplies. U.S. supplies of gasoline fell by 3.2 million barrels last week, significantly more than expected, the Energy Information Administration (EIA) said. Supplies have been falling in recent week, raising concerns about fuel supply levels as peak summer driving season approaches. The gasoline statistics indicated a continuation of the motor fuel's price climb. National average retail prices jumped more than 2 cents overnight to $3.53 a gallon (3.8 liters), according to the Oil Price Information Service and travel group AAA. Diesel, the fuel used by trucks, trains, and ships, rose to a new record above $4.21 a gallon. Gasoline prices are almost 68 cents higher than a year ago, and many analysts expect they could spike as high as $4 a gallon over the next two months. Prices are already above $4 a gallon in parts of the country, including California. Retail gasoline prices are determined partly by what happens in the gasoline futures market. Those prices kept rising Wednesday, with the May contract up nearly 2 cents to $3.03 a gallon on the New York Mercantile Exchange after earlier reaching a new trading high near $3.04. Gasoline also is affected by crude futures, which fluctuated after the EIA said crude-oil inventories rose more than expected last week. On Tuesday, May crude futures rose to a trading record of $119.90.
