Crude oil futures hit a new one-year high today, hitting above $81 a barrel. On the New York Mercantile Exchange, crude for December delivery, the new front-month contract, rose $2.25, or 2.8%, to $81.37 a barrel. Intraday saw prices reach $82. The Energy Information Administration reported crude inventories rose 1.3 million barrels in the week ending October 16. This was less than the expected buildup as imports fell to the lowest level in two months. The data also showed imports fell to 8.7 million barrels a day in the latest week, the lowest level since the week ended Aug. 14. The EIA also reported that petroleum demand remained weak, with demand for gasoline falling to the lowest level in more than five months.
