Crude tops record $80/bbl

The front-month crude contract closed above $80/bbl for the first time in the history of the New York Mercantile Exchange Sept. 13 upon news that Hurricane Humberto had disrupted power to three refineries in Port Arthur, Tex.In its third consecutive record settlement that week, the October contract for benchmark US light, sweet crudes increased 18¢ to $80.09 on the New York Mercantile Exchange. That contract hit an all-time high of $80.36/bbl in intraday trading Sept. 14 before profit-taking dropped the closing price to $79.10/bbl on NYMEX.The record high closing came 3 days after ministers of the Organization of Petroleum Exporting Countries voted in Vienna to increase production by...

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