Crude declined slightly on Thursday after reaching an all time record high on a report that U.S. crude and gasoline inventories fell.
Crude inventories dropped more than expected last week by 2.36 million barrels to 313.7 million in the week ended April 11, the Energy Department reported on Wednesday.
Traders and analysts expected inventories to increase. Furthermore, U.S. gasoline stockpiles which were forecasted to decline 1.8 million barrels, fell by 5.5 million barrels.
Crude futures for May fell 7 cents to settle at $114.86 a barrel on the New York Mercantile Exchange by 2:43p.m. Futures reached the highest record since trading begun in 1983 climbing to $115.21 a barrel today.
In the same report, the Energy Department said refineries operated at 81.4 percent of its capacity.
U.S. distillate fuels stockpiles including heating oil and diesel were forecasted to drop by 1.65 million barrels, but the report showed an increase of 52,000 barrels to 106.1 million barrels. This was the first gain in more than two months.
Oil prices have surged 82 in the past year as demand from China and other emerging economies has risen, and supplies struggle to satisfy demand.
In fact, the Custom General Administration of China reported on April 15 that its diesel imports jumped 49 percent the past month while imports of crude rose by 25 percent.
The declines in the dollar have supported prices for oil and other commodities denominated in dollars.
Brent crude futures for June fell 23 cents to settle at $112.43 a barrel on London's ICE Futures Exchange.