Spiga

Oil surges to record $65 a barrel

A U.S. government report issued on Wednesday showed crude stockpiles in the world's biggest energy consumer rose last week by 2.8 million barrels, due to hefty imports and slower refining activity.

But the report from the Energy Information Administration also showed a 2.1 million-barrel decline in gasoline stockpiles due to strong demand from summer drivers and slower domestic production -- bringing inventories below last year's level by 7.9 million barrels, or 3.7 percent.

"Gasoline inventories are of greater concern, but the draw was smaller than in previous weeks, and we don't have that much time left in the driving season," said Timothy Evans, senior analyst at IFR Energy Services.

Worries over that scenario grew this week when the United States temporarily shut its missions in Saudi Arabia because of a security threat in the world's top oil exporter.

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