Crude oil futures pass $80
West Texas Intermediate for October delivery closed at $80.09 a barrel in trading on the New York Mercantile Exchange Thursday, driven by continued concern about a report from the US Department of Energy showing that US crude inventory had fallen for the third straight week.
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
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