Apparently an explosion in New York City at Times Square sometime yesterday led to a major panic in oil price and ultimately resulted in oil prices reaching USD105.97(335.662 MYR). So before anybody actually knew what had happened, fear of the unknown pushed prices higher. It later turned out that the explosion was minor, no one was injured, and it wasn’t the result of a terrorist attack of any sort, and thus the price of oil has since fallen back to a still very uncomfortable USD104.11(329.777 MYR).
The day before that happened, two pieces of news conspired to push the price of crude oil to new heights. The first is that U.S. oil inventories aren’t as robust as everyone thought, and the second is that OPEC, the Organization of the Petroleum Exporting Countries, decided not to increase production of their black gold, Texas Tea. With these two nuggets of bad news,oil futures climbed $5(15.8356 MYR)/barrel the day before yesterday, peaking at $104.95 before closing at $104.52(330.967 MYR). Even when adjusting for inflation, the day before yesterday’s closing price beats the previous $103.76 (328.561 MYR)record set in April 1980 during the second oil crisis.
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