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Oil hits new high above $80

LONDON - Oil rose to an all-time high of $80.20 on Thursday after Hurricane Humberto forced the closure of some U.S. Gulf refiners and stoked concerns of fuel shortages this winter, according to Reuters News Agency.

Investors were also building up positions in the market -- their enthusiasm growing thanks to a market structure that can virtually guarantee favorable returns.

U.S. crude traded 21 cents lower at $79.70 a barrel by 10:36 a.m. EDT, having eased from its new record. London Brent crude also shed 21 cents to $77.47.

U.S. gasoline prices soared by 1.7 percent to $2.05 a gallon after Hurricane Humberto shut oil shipping channels and three refineries as it slammed onshore Texas.

Posted by Peter C. T. Elsworth  at 11:01 AM to Crude oil market | Permalink

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