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Location: BlogsRuss Henke    
Posted 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?
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