Oil hits new high for the year
Rises above $80 as gasoline supplies shrink
Last Updated: Wednesday, October 21, 2009 | 2:34 PM MT
CBC News
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Crude oil futures rose to new highs for the year Wednesday on word of a greater-than-expected drop in U.S. gasoline inventories.
Crude oil futures crossed above $80 US Wednesday.
Crude oil for December delivery closed trading up $2.25, or close to three per cent, to $81.37 a barrel on the New York Mercantile Exchange, its eighth straight day of increases.
The U.S. Energy Department reported that gasoline supplies fell by 2.21 million barrels, or 1.1 per cent, in the week to Oct. 16, to 206.9 million barrels.
Oil, which is priced in U.S. dollars, was also pushed as the American currency fell against the Euro.
"The gasoline number has clearly changed the landscape," John Kilduff, senior vice-president of energy at MF Global in New York. told Bloomberg.
"The industry is seen constraining fuel supply, which is underpinning the market."
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