WTI hits another new high

The price of West Texas Intermediate crude for October delivery sat at a new high of $80.55 per barrel, a gain of $1.45 in afternoon trade on the New York Mercantile Exchange.

The gain came in anticipation of lower interest rates and as refineries closed by power outages that accompanied Hurricane Humberto worked to restore operations as well as on a statement from France’s foreign minister, who urged his nation to prepare for the possibility of war with Iran in light of its continuing nuclear program.

Brent crude was also higher, adding 60 cents to $76.81 per barrel on the Intercontinental Exchange in London.

Nymex October gasoline was 1 cent higher to $2.05 per gallon, while November heating oil traded even at $2.22 per gallon.

November natural gas was 27 cents higher to $7.32 per million British thermal units.