Nymex crude oil price dips below $80/bl

Crude oil prices dropped today as traders took profit after US crude stocks fell and drove oil futures in the previous session above $80 per barrel for the first time.

Light, sweet crude for October delivery lost 26 cents to $79.65 per barrel in Asian electronic trading on the New York Mercantile Exchange by mid-morning in Singapore.

The contract had climbed as high as $80.18 per barrel yesterday before settling at a record close of $79.91 a barrel.

Despite yesterday's jump, oil is still well below the inflation-adjusted highs hit in early 1980. Depending on the adjustment, a $38 barrel of oil in 1980 would be now around $96-101 or more today.