Crude oil hits record $68 a barrel

Crude oil prices reached a record 68 dollars a barrel today after the US reported a decline in petrol stocks, with traders predicting storm warnings could trouble Gulf of Mexico production.

Front-month October contracts on the New York Mercantile Exchange touched 68 dollars a barrel mid-morning in Singapore before easing slightly to 67.76, a gain of 44 cents from yesterday’s closing in New York.