Oil Prices Soared Futher

Oil futures rose Thursday, extending a price increase that came after figures showed large and unexpected declines in U.S. crude and gasoline inventories last week.

Light, sweet crude for December delivery rose US$1.08 to US$88.18 a barrel in electronic trading on the New York Mercantile Exchange by late afternoon in Singapore. The contract jumped $1.83 to $87.10 a barrel in the Nymex floor session after the fuel report.