21-Oct-2009 10:54 AM

Oil price breaches USD80 per barrel barrier

Oil prices briefly rose above USD80 per barrel in New York on 20-Oct-2009 for the first time in over 12 months, due to the weaker US dollar and optimism about a global economic recovery. In intra-day trade, light sweet crude for delivery in Nov-2009 reached USD80.05 - the highest point since 14-Oct-2008, before closing down USD0.52 to USD79.09 per barrel. Over the previous eight days, the oil price gained approximately USD10.