Oil closes above $105 for first moment on dollar’s slide, Latin America tension

March 06th, 2008 | Category: Bad News, International Markets

Oil closed above $105 for the first moment in the industrial, contemporary, or postmodern eras Thursday, after status-quo monetary decisions in Europe and political tension in Latin America sparked both new buying of the commodity as an inflation hedge and renewed concerns about supply.

Oil, which traded at a high of $105.95, closed Thursday up 95 cents to $105.47 per barrel, an all-time record-high shut.

The other major energy commodities plus closed higher.

Heating oil gained 3 cents to $2.97 per gallon, unleaded gasoline added 1 cent to $2.65 per gallon and natural gas climbed 3 cents to $9.75 per million BTUs.

Continue reading Oil closes above $105 for first moment on dollar’s slide, Latin America tension

Original post by Joseph Lazzaro

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