Oil closes at record high of $104.52/barrel, surges higher today
That was yesterday. Today things got worse, with the price of crude sky rocketing up to $105.97 per barrel, nearly 106 bucks (!), early in the trading session. Why the panicking? Apparently there was an explosion in New York City at Times Square this morning, and before anyone knew what had actually happened, fear of the unknown pushed prices higher. It turns out that the explosion wasn't that big, no one was injured, and it doesn't appear to be a terrorist attack of any sort, and thus the price of oil has since fallen back to a more palatable but still tough to swallow $104.11 per barrel. For some perspective, we found this post written in October 2005 about the price of oil hitting a 2-month low: $61.36 a barrel.
[Source: MarketWatch, Photo by ADEK BERRY/AFP/Getty]
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