Oil Closes Above $81 a Barrel

Oil closed at more than $81 a barrel Wednesday for the first time in a year as an inventory report showed that stockpiles are at the highest level since August.

Crude futures for December delivery  climbed $2.17 to close at $81.29 on the New York Mercantile Exchange. Prices have risen 82% since the beginning of the year.

A Department of Energy report showed that inventories of crude oil rose by 1.31 million barrels last week to 339.1 million barrels, the highest level since August.

Supplies of distillate fuels, which include diesel and heating oil, fell 784,000 barrels to 169.9 million, Bloomberg said. Gasoline inventories dropped 1.1% to 206.9 million barrels, the report said.