Oil Prices Cross $90 Per Barrel
Crude oil prices briefly crossed above the $90-a-barrel threshold today on the New York Mercantile Exchange, setting a record and coming very close to an inflation-adjusted record, too.
The price for November delivery fell back to $89 by noon, a level that still defied the predictions of many veteran oil analysts.
“The surge in oil markets to $90 . . . seems underpinned more by financial flows and political risk than by fundamental factors,” said a Lehman Brothers report issued today. “Although we expect a correction, several risks could push prices higher still.”
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