Crude futures reclaim $100 a barrel |
| MarketWatch - Feb 28, 2008 |
Crude-oil futures rose Thursday to trade back above $100 a barrel, as the dollar extended losses against other major currencies.
Crude oil for April delivery gained 83 cents to $100.47 a barrel in electronic trading.
On Wednesday, crude futures dropped $1.24, or 1.2%, to settle at $99.64 a barrel on the New York Mercantile Exchange, coming under pressure after the Energy Department reported that the nation's crude inventories grew by more than expected in the week ended Feb. 22.
Earlier Wednesday, oil prices surged to an all-time high of $102.08 in electronic trading, boosted by weakness in the dollar. A weaker greenback tends to push up prices for dollar-denominated commodities, such as oil, as those commodities become less expensive for buyers holding other currencies.
Read Full Article from MarketWatch
- Posted: 2008-02-28 10:12:56
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