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A December run for $100/bbl oil

01/07/2008
By NINA RACH
With many observers convinced they had seen the last major run up in oil prices for 2007, the market mounted another run at $100/bbl crude in late December.The January contract for benchmark US light, sweet crudes dropped $9.47/bbl during the last five trading sessions of November, finishing the month at $88.71/bbl on the New York Mercantile Exchange. It fluctuated at $87-90/bbl until Dec. 12 when it jumped $4.37 to $94.39/bbl, the biggest one-day gain since Jan. 30 and then the highest closing since Nov. 27 on NYMEX, after the US Federal Reserve offered to $24 billion to the European Central Bank and Swiss National Bank to spur economic growth.However, that price gain was followed by a l...
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