Oil near record on refinery outage

Oil prices remained near record highs Thursday and gasoline futures jumped after Valero Energy Corp. said a big Texas refinery was shut down after Hurricane Humberto hit Texas.

Oil traded over $80 a barrel on Wednesday and again early Thursday after the Energy Department reported declines in crude and gasoline inventories and refinery activity last week.

Light, sweet crude for October delivery fell 41 cents to $79.50 a barrel on the New York Mercantile Exchange after rising as high as $80.09 earlier. October gasoline rose 2.80 cents to $2.044 a gallon.

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- Posted: 2007-09-13 10:08:46

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