Oil Closes Above $80 for First Time
Crude oil futures rose to a third record in three days Thursday, closing the trading day at more than $80 a barrel for the first time ever, Bloomberg reported.
Light sweet crude futures closed the trading day on the New York Mercantile Exchange at $80.09 a barrel, and hit $80.20 in intraday trading, also a record, Bloomberg reported.
The price surge was pegged to Hurricane Humberto, which came ashore on the Texas side of the Texas-Louisiana border, knocking out power to some refineries in that area, Bloomberg said.
The Category 1 storm was not nearly as big as higher-level Hurricanes Katrina and Rita that pointed the Gulf Coast two years ago.
Early to mid-September is generally the peak time of hurricane season, which lasts from June 1 through Nov. 30.
