Todays News..Oil hits record near $115, then retreats

NEW YORK (CNNMoney.com) -- Oil prices surged to a record high Wednesday, spiking to near $115 a barrel, after a government report showed an unexpected crude supply drop. But prices turned lower an hour after the report's release.

U.S. light crude for May delivery a barrel fell 81 cents to $112.98 a barrel on the New York Mercantile Exchange after rising as high as a record $114.95. Oil was trading down 24 cents at $113.55 just prior to the report's release. Read full story on this site..

by: By Kenneth Musante, CNNMoney.com staff writer