Oil hovers around 8-month low near $80

NEW YORK — Oil prices hovered around 8-month lows near $80 a barrel Thursday after the US central bank balked at implementing vigorous stimulus measures to boost waning economic growth and US crude stockpiles rose unexpectedly. By early afternoon in Europe, benchmark oil for August delivery was down 92 cents to $80.53 a barrel in electronic trading on the New York Mercantile Exchange.

New York’s main contract, light sweet crude for delivery in August, hit $79.92 — the lowest level for more than eight months. It later pulled back to stand at $80.65 a barrel, down 80 cents compared with Wednesday’s close. Brent North Sea crude for August shed 94 cents to stand at $91.75 in London midday deals. — AFP