Crude prices peak in December

12/13/2010
by Sam Fletcher, Senior WriterCrude oil prices hit their highest peaks so far this year in early December, with West Texas Intermediate at a 25-month high and North Sea Brent above the "psychologically important" $90/bbl."The $90/bbl level is important because many…believe that economic growth could start to suffer if prices rise much above this," said analysts at KBC Energy Economics, a division KBC Advanced Technologies PLC in Surrey, UK."More dramatically," said James Zhang at Standard New York Securities Inc., the Standard Bank Group, "both WTI and Brent flipped rather decisively from contango to backwardation. Cracks of both gasoline and gas ...
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