Posted By RichC on July 31, 2008
Crude oil has declined from the highs earlier this month, but jumped back up yesterday on tensions over comments from Israel and an unexpected decline in gasoline and crude oil inventories. Traders pushed oil prices up on Wednesday several dollars per barrel — in historic terms, the move was one of the top ten.
CNBC posted a chart on their blogs showing Wednesday $4.58 per barrel move from the 12 week intraday low on Tuesday as #9 on the list. Interestingly nine of the top ten dollar moves have been in 2008. (The record high for Crude Oil was $147.27 on July 11, 2008 and for the year Crude Oil has increased 37.38%)