Posted By RichC on January 31, 2011
The US stock market surprised many with strength as all three indices were up after continued turmoil in Egypt over the weekend and today (last week). To nobody’s surprise though, oil traded higher on the ICE futures exchange which saw Brent crude up $1.59, or 1.6%, at $101.01 a barrel; that was the highest settlement since Sept. 26, 2008. It has been two years since oil has hit the $100-a-barrel threshold. On the New York Mercantile, light, sweet crude for March delivery closed up $2.85, or 3.2%, at $92.19 a barrel … which was its highest settlement since Oct. 3, 2008.