Oil crosses record $110, despite supply ris
Oil prices rebounded to another record high Wednesday afternoon March 12, 2008 after initially plummeting when the US government report said supplies of crude and gasoline had risen much more than expected.
In afternoon trading, U.S. light crude for April delivery surged to a high of $110.20 before closing at $109.92. Oil had traded as low as at $107.09 following the report's release on Wednesday morning.