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. Last Updated: 07/27/2016

Floyd Hits Oil, Cotton

NEW YORK -- Oil prices pushed to new 32-month highs Thursday on optimism that world exporters will stay restrained in their shipments and on caution about the disruption that Hurricane Floyd was causing on the East Coast of the United States.

At the New York Mercantile Exchange, crude oil for October delivery closed 38 cents higher at $24.51 a barrel, the highest settlement price on the market since January 1997.

Cotton prices closed mostly lower, as the market shrugged off reports of losses of as many as 400,000 bales in North Carolina due to the harsh weather from Floyd. But swollen world stocks and weak export sales hurt values.

At the New York Board of Trade, cotton for October delivery closed 0.29 cent a kilogram lower at $1.14.