Oil closes at record $109.93 on dollar flight, U.S. recession fears
Posted by: in Stocks Money NewsFiled under: International markets, Bad news, Commodities, Oil
Stocks rise and fall, bonds can reach default status, and housing? Well, we know what can happen to home prices, at least cyclically. But oil knows only one direction: vertical. Or so it seems, lately.
Oil closed Wednesday up $1.17 to $109.92, another record-high close, driven to new levels of the stratosphere by the falling dollar — which hit a new record low of $1.55 versus the euro — and continuing concern that the U.S. Federal Reserve’s credit market infusions will not be enough to prevent the U.S. economy from tailspinning into a deep recession. Earlier in the session, oil traded at an all-time high of $110.20, breaching the $110 level for the first time.
The other major energy commodities also closed higher. Heating oil gained about 3 cents to $3.03 per gallon, unleaded gasoline rose 1 cent to $2.72 per gallon, and natural gas rose about 1 cent to $10.05 per million BTUs.
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