Oil Prices Lack $1 to Reach Record High

Oil prices hovered around $83 on Friday, remaining within $1 of a record high amid a surprise decline in U.S. inventories.

U.S. crude eased 4 cents to $83.04 a barrel by 12:59 a.m. EDT, after spiking more than 2 percent in the previous session. Oil had traded as high as $83.76 earlier on Thursday, near the all-time high of $83.90 struck on September 20.

London Brent crude eased 9 cents to $80.06.