Crude oil futures pass $80

The price is the first time the contract has closed above $80, setting a front month contract record following yesterday's high of $79.91/bbl. US crude supplies have now dropped 14.5 million barrels from the mid-August level, despite remaining 1.4% higher from this time last year, according to the report.

The price has risen despite news from the Organisation of the Petroleum Exporting Countries (OPEC) that it was to raise production by 500 Kb/d with effect from November 1.

“OPEC's decision