Crude price surges past $95

December West Texas Intermediate (WTI), the benchmark US crude, closed at a record $ $94.53 a barrel on the New York Mercantile Exchange (Nymex), surging to $95.28/bbl in after hours trading. London Brent gained $3.19 to $90.63/bbl.

U.S. commercial crude oil inventories, excluding those in the Strategic Petroleum Reserve, fell by 3.9 million barrels to 312.7 million barrels in the week ending Oct. 26, the lowest since October 2005, the Energy Information Administration said Wednesday.