Oil above $80 as storm lashes Gulf of Mexico

Oil rose above $80 a barrel Monday in Asia after a storm shut down about a quarter of oil output in the Gulf of Mexico.

Benchmark oil for August delivery was up 48 cents at $80.24 a barrel in electronic trading on the New York Mercantile Exchange. The contract rose $1.56 to settle at $79.76 in New York on Friday. (AP)