Oil rises to record $100.10, closes above $99 on OPEC outlook, refinery fire

February 19th, 2008 | Category: Bad News, International Markets, Oil

Crude oil traded at a record printed trade of $100.10 per barrel Tuesday before closing at $99.91 on talk that OPEC will cut production when it meets March 5.

Crude oil surged $4.61 or 4.6% to $99.91. Other major fuels additionally rose: heating oil soared 10 cents to $2.75 per gallon, unleaded gasoline vaulted 11 cents to $2.60 per gallon and natural gas gained 30 cents to $8.96 per million BTUs.

In inflation-adjusted terms, oil hit an all-time high

of $102.80 per barrel in April 1980.

‘So much for the bears’

Oil has rallied more than 15% since the yearly low of $86.99 on January 23, and it’s giving oil bears like independent energy trader Jim Dietz fits.

Continue reading Oil rises to record $100.10, closes above $99 on OPEC outlook, refinery fire

Original post by Joseph Lazzaro

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