Friday, May 9, 2008

Chronicles Of Depression 2.0: #091

Drudge is a bit premature here. He's citing another version of what I cited earlier today.

The price quote is the same: $125.98.

Sure, argue over those two cents all you want. But multiply that over the total flow and that's a lot of money. Better we still have it than them.

Still, $126 for sure by day's end -- if not $127.

Update: It's here. Over $126/barrel.

Oil surpasses $126 per barrel ahead of US driving season

Oil prices surpassed a record $126 per barrel Friday on the eve of the U.S. driving season as a weakening dollar drove investors to snap up commodities.

Light, sweet crude for June delivery rose $2.51 to a new record of $126.20 a barrel in electronic trading on the New York Mercantile Exchange by the afternoon in Europe.

On Thursday, the contract rose to a record close of $123.69 a barrel.

Emphasis added by me.

The day's not over yet.

Anyone for $127?

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