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 (OPEC) that it was to raise production by 500 Kb/d with effect from November 1.
“OPEC's decision to
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