Crude futures mark record close near $80 as U.S. supplies drop

4:05 pm ET Sep 12, 2007

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Crude futures mark record close near $80 as U.S. supplies drop

SAN FRANCISCO
Crude-oil futures climbed into uncharted territory Wednesday, peaking
above $80 a barrel and closing at a record high just below that level
after U.S. government data showed that crude supplies dropped more than
7 million barrels and motor gasoline inventories fell a sixth week in a
row.

Market Snapshot: Stocks close mostly off as investors look to Fed move

NEW YORK
Stocks finished mostly lower with investors weighing thoughts of an
interest-rate cut against crude oil topping $80 a barrel and a reduced
forecast from Texas Instruments Inc., the world's largest maker of
cell-phone chips.

Currencies: Dollar hits record low vs. euro on expectations for U.S.
rate cut

SAN FRANCISCO
The dollar marked a new record low against the euro Wednesday amid
growing expectations that the Federal Reserve will cut U.S. interest
rates next week and fears that the credit crunch is threatening the
health of the U.S. economy.

Lacking support, Japanese prime minister Abe to step down

HONG KONG
Shinzo Abe announced Wednesday his resignation as Japan's prime
minister, a move precipitated by his failing to win popular support in
the aftermath of the ruling Liberal Democratic Party's resounding defeat
in recent Upper House elections.