Oil: Let Me Go!

Thursday oil prices eased from record highs after a decline in U.S. inventories and the weaker dollar had pushed prices above $115 a barrel.

U.S. crude rallied 7 cents at $114.86 a barrel after winning back an all-time peak of $115.54. Brent petroleum settled 23 cents lower at $112.43 a barrel, off the record $113.38 set earlier.

U.S. crude inventories surprisingly slipped last week, while a drop in gasoline stocks exceeded analyst expectations, a government report said on Wednesday, raising supply concerns as the world's top consumer gears up for the summer driving season.

Gasoline stocks in the United States declined by 5.5 million barrels in the latest week, more than the 1.8-million-barrel decline analysts had expected.

In the latest indication of strong demand for middle distillates, China's top refiners were set to extend high imports into a sixth straight month.

The slide in the U.S. dollar has supported prices for oil and other dollar-denominated commodities, luring investors seeking to hedge against inflation and compensate for the shrinking value of dollar assets in their portfolios.