Oil Hits Record Prices Above $105
Continuing off yesterday’s record close of $104.52 per barrel, today oil has continued where it left off intraday hitting prices as high as above $105.50.
Yesterday OPEC announced it would not alter its supply levels by boosting output, which caused the initial stir for oil to run from under $100 to nearly $105.
Set in 1980 during the Iran hostage crisis, the inflation-adjusted record for oil was $103.76. Already broken mid-week, the question arises of how far up will oil go? With a falling dollar and international demand increasing, only time can tell.
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POSTED IN: Commodities
1 opinion for Oil Hits Record Prices Above $105
Market Tests January Lows, Sell Off Continues
Mar 7, 2008 at 4:48 pm
[…] NASADQ Composite has shed 5.1%. It really begs the question, “where to from here?” With oil hitting record highs, payroll numbers coming in sour, and household equity hitting historic lows, things look pretty […]
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