Oil prices hit record high for third consecutive day

NEW YORK (CNNMoney.com) - Oil prices settled at a record high for the third day in a row on Wednesday, finishing at $114.93 per barrel after spiking to a record $115.07 a barrel in midday trading.

The record for U.S. light sweet crude for May delivery was set on the New York Mercantile Exchange after a government report showed an unexpected crude supply drop.

Crude began the year at just under $96 a barrel, which means the price has soared by nearly 20 percent already this year.

– By CNNMoney.com's Kenneth Musante