Crude Oil Hits $68; Sets New Closing Price Record

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rude oil futures hit $68 a barrel for the first time in overnight trading Thursday, and while prices rolled back slightly they still ended the trading day at an all-time closing price high of $67.49 a barrel, Bloomberg reported.

The closing price topped Wednesday’s record closing price by 17 cents.

Oil traders were reportedly concerned that Hurricane Katrina, which became a hurricane from a tropical storm Thursday afternoon, could disrupt Gulf of Mexico oil platforms over the weekend, Bloomberg reported.

The National Hurricane Center’s Web site showed Katrina was more likely to sweep the West Coast of Florida after coming across the state Friday, and would not move directly into the gulf, which would have affected oil production there and on oil refineries on the Gulf coast.

rude oil prices have more than doubled since the end of 2003, Bloomberg reported.

The Department of Energy reported Thursday that crude oil and distillate inventories, which include diesel, both were rising, while gasoline inventories fell more than expected.

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