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Oil above $78 as OPEC fails to calm market

LONDON - Oil held above $78 a barrel on Wednesday, close to its record high, after OPEC's modest output increase failed to allay fears over stock levels during the coming winter, according to Reuters News Agency.

U.S. light crude for October delivery was 7 cents higher at $78.30 a barrel by 8:15 a.m. EDT, after coming within a whisker of August 1's record high of $78.77 on Tuesday.

Posted by Peter C. T. Elsworth  at 9:47 AM to Crude oil market | Permalink

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