Crude for April delivery rallied $2.11 to a near record of $103.95 a barrel on the New York Mercantile Exchange in early morning trading. The nominal level has already passed inflation-adjusted historical highs.This year's INSANE oil price watch:
Monday 3 March 2008
INSANE: Oil @ US$103.95?
The following paragraph from MarketWatch sends a chill with oil price surging to US$103.95 (all time high even if you consider inflation adjusted historical rates) with the low US dollar and rising tensions in South America to blame:
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