LONDON, Sept 18: The price of New York crude surged to a new high of $81.80 a barrel on Tuesday ahead of a US interest rate call and as traders fretted over tight energy supplies in the United States.
New York’s main futures contract, light sweet crude for delivery in October, reached the all-time high in pit trading after already hitting a record peak above $81 in electronic deals.
At about 1625 GMT, the contract stood at $81.60 per barrel, a rise of $1.03 from Monday’s close.
In London, the price of Brent North Sea crude for November delivery won 52 cents to $77.50 per barrel.
“The fundamental backdrop is that inventories are falling fast,” said Barclays Capital analyst Kevin Norrish.
Investors are worried that crude supplies are inadequate to meet heating fuel demand as winter approaches in the United States and other countries in the northern hemisphere.—AFP
