After slipping from record, oil rises above $110.50 per barrel (AP)  (11-04-2008)

SINGAPORE (AP) -- Oil prices were up over $110.50 a barrel Friday after slipping from the record of $112.21 in the middle of the week due to an unexpected decline in inventories.

Prices began to fall as the dollar recovered from an earlier low against the euro and rose against the pound.

Light, sweet crude for May delivery rose 41 cents to $110.52 a barrel in Asian electronic trading on the New York Mercantile Exchange by midafternoon in Singapore. The contract dropped 76 cents to settle at $110.11 a barrel on Thursday.

In other Nymex trading Friday, heating oil futures gained 1.85 cents to $3.2125 a gallon while gasoline prices rose 1.22 cents to $2.8043 a gallon. Natural gas futures fell 12.2 cents to $9.976 per 1,000 cubic feet.

In London, Brent crude futures added 73 cents to $108.93 a barrel on the ICE Futures exchange.

Source AP