Oil At Record High

Oil Trades Near $80

Crude oil traded near a record $80 a barrel in New York after U.S. stockpiles dropped more than forecast and on concern that storms in the Gulf of Mexico and the Atlantic may disrupt output. U.S. oil inventories fell 7.01 million barrels last week, the Energy Department said yesterday, the biggest decline this year and more than twice the decline forecast in an analyst survey. Tropical Storm Humberto will strike the Texas coast later today, the National Hurricane Center said.