Crude Oil Keeps Near Record High

Crude oil rose again yesterday as fund-buying continued to dominate the market even though the US government said crude oil stocks had risen to their highest level for eight months.

NYMEX light crude for April delivery rose 11 cents to $54.70, within a dollar of record highs hit in October. Meanwhile, London?s Brent crude rose 26 cents at $53.10, near a record high of $53.32.

Prices gained when the US energy information administration said crude oil stocks rose 3.2 million barrels last week, a fourth straight increase, to hit 302.6 million barrels, the highest level since July.

Refined product inventories eased, though less than expected given recent cold weather.