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Crude closes above $100/bbl

03/03/2008
By NINA RACH
For the first time ever, a front-month contract for benchmark US light, sweet crudes closed above $100/bbl Feb. 19—at $100.01/bbl, up $4.51 for the day—after setting a new intraday record of $100.10/bbl on the New York Mercantile Exchange.The expiring March contract hit a subsequent high of $101.32/bbl in intraday trading Feb. 20 before closing at a record $100.74/bbl in New York, having climbed more than $10/bbl over the seven previous sessions as Venezuela announced it would halt direct oil sales to ExxonMobil Corp. (OGJ Online, Feb. 13, 2008). The new front-month April contract closed unchanged at $99.70/bbl after fluctuating between $97.99/bbl and $100.86/bbl in the same ses...
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