delusionofgrandeur

Oil has been traded for the first time ever on NYMEX (New York Mechantile Exchange) at over $100/bbl.

There was a single trade at over $100US before the trading price fell back to $99.46. Tensions in Nigeria and Algeria have been cited as contributing to the high price and I’d also guess that Turkey’s cross-border raids into Iraq and the imminent start-up of a nuclear reactor in Iran are also contributing to the high price speculation.

Even though the traded price is at an historic high, there doesn’t seem to be any immediate lifting of the price-pressure so we could see further trading at over $100/bbl in the near future.

This entry was posted on Wednesday, January 2nd, 2008 at 5:54 pm and is filed under Automotive, Economy.You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.