Oil leaps to new record above 80 dollars

Oil surged to fresh record highs above 80 dollars a barrel in New York Monday amid concerns about tight crude supplies with no real relief in sight, analysts said.

New York’s main futures contract, light sweet crude for delivery in October, jumped 1.47 dollars to close at a record 80.57 dollars per barrel. Earlier, the price had climbed to an all-time high of 80.70 dollars.


In London on Monday, the price of Brent North Sea crude for November delivery gained 76 cents to settle at 76.98 dollars per barrel.

The New York contract has been on a record-setting streak since breaching the 80-dollar barrier last Wednesday, driven by investor worries that crude supplies are inadequate to meet demand as winter approaches in the United States and other countries in the northern hemisphere.

AFP