Nov
23
Written by:
Russ Henke
11/23/2007 6:06 PM
Crude-oil futures ended November 23, 2007 at the
highest-ever closing level. Crude oil for January 2009 delivery settled up 89 cents at
$98.18 a barrel on the New York Mercantile Exchange. The session touched an intraday high of $98.45.
Crude ended the week up $4.34, or 4.4%.The US dollar also helped boost oil as it touched
a new historic low of $1.4966 per euro before “recovering” to $1.4834. A sliding dollar makes oil cheaper for buyers holding other currencies. These buyers are likely to increase demand and bid up oil prices.
You think?