@Revolution:Global Business News

New Economy, Leadership, Entrepreneurship, Management, Global Business

Oil Hits Record Above $79

Posted by iBlog on September 12, 2007

LONDON (Reuters) – Oil hit a record high above $79 a barrel on Wednesday, propelled by an unexpectedly large drop in U.S. crude oil stocks that coincided with only a small output increase from OPEC ahead of peak winter demand.

U.S. light crude for October delivery set a record high of $79.29 a barrel, beating the previous record of $78.77 reached on August 1.

U.S. crude was 70 cents higher at $78.93 a barrel by 11:30 a.m. EDT. London Brent crude was up 57 cents at $76.95.

Read the full article in Reuters

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