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Marching to $100/bbl oil

12/03/2007
By NINA RACH
When the front-month crude futures contract fell $3.45 to $91.17/bbl Nov. 13—the lowest level in nearly 2 weeks on the New York Mercantile Exchange—after the International Energy Agency reduced estimates of global oil demand for the fourth quarter through 2008, many analysts declared the march to $100/bbl oil had finally fizzled. Imagine their surprise when the January crude contract jumped $3.39 to a record closing of $98.03/bbl Nov. 20, climbing as high as the Nov. 7 record of $98.62/bbl in intraday trading. The price continued climbing to $99.29/bbl in early electronic trading Nov. 21 before closing at $97.29/bbl, down 74¢ for the day on NYMEX. But the push for $100/bbl ...
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