BREAKING: Oil reaches all time high of $80/barrel

The price of a barrel of oil hit a record intra-day trading high of $80.05. It hit $80.18 in intra-day trading on Globex. That's more than a dollar higher than the old record of $78.77 set August 1. The price of oil is up on worries of supply shortages after a Energy Information Administration report said crude stocks dropped 7.1 M barrels when the market expected a drop of 2.1 M barrels. However, EIA does say crude inventories is above the average for this time of year. Also, OPEC said they would raise production by 500,000 barrels.

[Source: CNN]