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Crude oil rose to a near-record $75 a barrel Wednesday before receding to close at $74.95 following a Department of Energy report showed that oil and gasoline inventories fell last week, Bloomberg reported.

I was terribly saddened to read of Mike Russell’s untimely death. Your announcement did justice to his extraordinary professionalism, but it didn’t capture at all Mike’s joy in his work.

Diesel engine maker Cummins Inc. said Tuesday its board approved a 20% increase in the quarterly cash dividend paid on its stock, to 36 cents a share, up from 30 cents.

Volvo AB said it is focusing more on building components with Nissan Diesel Motor Co., in which it owns a 13% stake, than entire trucks, Bloomberg reported Tuesday.

N-Viro International Corp. said Tuesday it has formed a private-fleet subsidiary to transport lime and other byproducts.

Truckload carrier J.B. Hunt Transport Services raised its driver pay scales for truckers holding commercial driver’s licenses as of Monday, the National Transportation Institute said.

Tank carrier Quality Distribution said late Monday that it will file with the Securities and Exchange Commission to allow it to sell up to six million shares of its stock.

Paccar Inc. said Tuesday it would undertake a 3-for-2 stock split Aug. 10, for shareholders of record as of July 27.

Retail diesel fuel prices will average $2.86 per gallon — 45 cents higher than last year, the Department of Energy said Tuesday.

U.S. wholesale inventories rose 0.8% in May, the Commerce Department said Monday.