Oil prices held near $82 a barrel today after hitting a record above $84 the previous day as a tropical depression forced the shutdown of Gulf of Mexico output.
US crude for November delivery dipped 13 cents to $81.65 a barrel earlier this morning after the October contract expired up $1.39 at $83.32 yesterday, when it hit a record for the seventh straight session of $84.10.
London Brent November crude edged down 22 cents to $78.87, after 62-cent gains today.
Oil has traded above $80 for the past week, despite Opec's decision last week to raise output from November amid thinning US inventories, a weakening dollar, a US interest rate cut that eased fears of a recession and on storm risks.
Energy companies have shut over 360,100 barrels per day of Gulf of Mexico output, or over a quarter of the Gulf's crude production, and 16.7 per cent of natural gas production as a tropical depression blew into the Gulf.