U.S. Price
In the United States, the price of the front month light sweet crude oil futures contract, traded on the NYMEX commodity exchange (symbol CL), is widely reported as a proxy for the cost of imported crude oil. These contracts have delivery dates in all 12 months of the year. From below $20 a barrel in early 2002, it rose to an intraday peak of $70.85 at the end of August 2005 in the aftermath of Hurricane Katrina. A new intraday record high of $78.40 was set on July 14, 2006, prompted by the firing of at least six missiles by North Korea on July 4–5, 2006, and escalating Middle East violence.
Subsequently, the price declined until on October 11, 2006, the price closed at $66.04. But, by August 2007, the price had reached a record high of $78.71, amid production output concerns in the North Sea and Nigeria. On November 29, 2007, the price peaked at $98.70 intraday after closing at $98.03 the previous day. The price of light crude set a new intraday high on May 21, 2008, of $133.45 and closed at $133.17. A new high was reached on July 11, 2008, as prices temporarily reached $147.27 a barrel.
Read more about this topic: Light Crude Oil
Famous quotes containing the word price:
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—F. Scott Fitzgerald (1896–1940)
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—Vincent Price (1911N)