Crude oil futures hit a new 10-year high of $37.70 a barrel in New York Mercantile Exchange trading today, according to CNNfn.

Meanwhile, the American Petroleum Institute reports U.S. crude oil inventories dropped by 2 million barrels to 286.6 million barrels for the week ended Sept. 15, almost 8% below the 308.8 million barrel inventory on hand a year-ago.

President Clinton said he will wait a few more days before deciding whether to dip into the nation’s 571 million-barrel Strategic Petroleum Reserve.