Oil Closes Above $80 For First Time

After fluttering at the peak for a number of days, yesterday, the U.S. crude oil prices closed above $80 per barrel for the first time.

For next month delivery, sweet crude added up 18 cents to close at $80.09 per barrel at the New York Mercantile Exchange (NYMEX).

The price had hit $80.15 during the session and $80.20 during the earlier electronic trading. But, it was the first closing in what one investor called unchartered territory.

Oil had exceeded $80 in Wednesday's session but ended a few cents short. Worries over falling supplies had discommoded capitalists for several days.

After a storm threat in the Gulf of Mexico fizzled out, natural gas prices dangled 6 percent. Natural gas shut down 40.9 cents at $6.029 per million British thermal units.

Heating oil remained up 3.64 cents at $2.016 per gallon and redeveloped gas was up 3.49 cents at $2.016 each gallon.

The average cost of a gallon of unleaded regular gasoline at the pump stood at $2.808, which was down from its Wednesday's close of $2.815.

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