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Facing $100/bbl oil
11/05/2007
The December contract for benchmark US light, sweet crudes climbed as high as $92.22/bbl during the regular trading session Oct. 26 on the New York Mercantile Exchange before closing at $91.86, up $1.40 for the day.It was the second time in as many sessions that contract hit new highs above $90/bbl after crossing that mark for the first time on Oct. 18. Moreover, the contract’s price continued to climb pass $93/bbl in after-hours electronic trading over the weekend and appeared set to scale new heights before expiring.“The oil market may be only one or two events away from $100-plus oil, and there is much momentum in that direction,” said Daniel Yergin, chairman of Cambr...
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