October 10, 2008, 3:02 pm
The Official Demise of the Oil Bubble
Posted by David Gaffen
On Sept. 11, 2007, the price of crude oil closed at $78.23 a barrel — the
last time oil closed below $79 a barrel, until Friday. What seemed like a
bewildering ascent in the price of crude at the time is now a relief to
traders, who watched oil fall $8.98 a barrel to close at $77.61 on the New
York Mercantile Exchange, the lowest closing price in more than a year.
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