WTI reaches record $66 barrel

At midday in New York on Thursday, September delivery West Texas Intermediate crude oil on the New York Mercantile Exchange had gained 80 cents to $65.70 per barrel, backing off from a new record high of $66 per barrel in early trading.

By the close, however, WTI added another 10 cents for a gain on the day of 90 cents to close at $65.80. That was after a large gain on Wednesday after the weekly US inventories reports were released. That report showed that crude oil inventories grew more than expected but that gasoline stockpiles were down more than had been anticipated.

In London meanwhile, Brent crude September contracts gained $1.39 on the International Petroleum Exchange to $65.38 per barrel at the close of trade after reaching a record-breaking $65.66 per barrel earlier in the day.