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Crude Oil Prices: $100 close

Posted February 21, 2008

"Adjusted for inflation, crude’s previous 1980 high translates to somewhere between $99 and $101 in current dollars. So crude now trades at all-time inflation-adjusted highs." — Justice Litle

by Justice Litle

Baltimore – (TFN):  NYMEX crude oil futures closed above the $100 a barrel mark on Tuesday. The March 2008 contract actually settled at $100.01, one penny into triple digits.

Adjusted for inflation, crude’s previous 1980 high translates to somewhere between $99 and $101 in current dollars. So crude now trades at all-time inflation-adjusted highs.

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Crude Oil Prices: Long and short of it

In the short run, the record close is attributed to a Texas refinery fire and a looming OPEC production cut. In the bigger scheme of things, many factors are driving crude oil to $100 and beyond.

Oil’s strength is also impressive against a backdrop of U.S. economic woes and global slowdown fears. Oil at $100, in the face of all the worry out there, suggests the global demand picture is more robust than first thought. View the NYMEX crude oil futures chart and find more from Justice Litle.

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