Crude Hits New Record Above $95 a Barrel

Crude-oil futures hit a new record high in after-hours trading on Wednesday, surging as high as $95.28 a barrel on the New York Mercantile Exchange after the Federal Reserve cut interest rates and the Energy Department reported a much higher-than-expected drop in crude supplies.

Crude oil for December delivery was last up $4.84, or over 5%, at $95.22 a barrel on Nymex. Earlier, crude settled at $94.53 a barrel in the regular trading session.

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