Source: Bloomberg -- Read Full Story

Crude oil, gasoline and heating oil surged to records after a government report showed that U.S. supplies dropped. Crude oil inventories fell 3.15 million barrels to 316 million last week, the Energy Department said. A 2.3-million- barrel gain was forecast, according to a Bloomberg News survey. Metals futures also rose as the dollar fell against the euro, and gasoline pump prices reached a record average $3.343 a gallon. ``This reaction to the DOE numbers suggests that the supply and demand fundamentals are still important,'' said Adam Sieminski, Deutsche Bank's chief energy economist in Washington. ``It's not just the speculators that are driving prices higher.''