Oil Tops $110 a Barrel

Crude oil prices topped $110 a barrel Thursday as the U.S. dollar fell to new lows versus the euro and Japanese yen, the Associated Press reported.

Benchmark light, sweet crude oil futures rose 78 cents from Wednesday’s closing price to reach $110.70 in early New York Mercantile Exchange trading, AP said.

Oil set an all-time trading high of $110.20 a barrel Wednesday before falling to a closing-price Nymex record of $109.92 per barrel, AP reported.

The Energy Department said Wednesday that oil inventories rose 6.2 million barrels last week, well over the 1.6 million barrels forecast by economists, AP said.

Gasoline supplies rose 1.7 million barrels last week, well over the expected 300,000 barrel increase, and distillate supplies fell 1.2 million barrels, less than the expected 2 million barrel decline, AP reported.