Filed under: Bad news, Commodities, Oil

Oil closed Wednesday up 73 cents to $100.74 per barrel — a new record high close — in a session anxious to hear Thursday’s report on weekly U.S. inventories. Oil had traded at a print record $101.27 earlier in this session.

The weekly Wednesday oil inventory report will be released this week on Thursday, one day late, due to the Presidents’ Day holiday. Oil closed above $100 for the first time in its history Tuesday, at $100.01.

“It’s been a wait-and-see market today, for the most part,” independent energy trader Jim Dietz told BloggingStocks Wednesday afternoon. “Neither bulls nor bears seem to want to make a major stand ahead of the inventory report, but we did trade above $100 again. If we close above it today, that would be a bullish sign.” Dietz added that he is currently flat — or has no open energy positions.

Continue reading Oil closes at $100.74 — new record high close

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This entry was posted on Thursday, February 21st, 2008 at 8:44 am and is filed under Stocks Money News. 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.