Posted AT 3:55 PM EDT on 12/05/08
Oil hits new record, pulls back
NEW YORK — Oil prices briefly spiked to a new record above $126 (U.S.) a barrel Monday but later ended lower as investors cashed in profits and an earthquake in China raised the possibility of a drop in demand.
Oil futures have set new records for six straight sessions, and analysts said the market was due for a correction following the seemingly relentless climb upward.
“It looks like we're seeing a little bit of a correction.
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| Market | Change | Value |
|---|---|---|
| Data delayed 15 minutes | ||
| S&P/TSX | -133.18 | 14,010.39 |
| DJIA | +.00 | 11,288.54 |
| S&P 500 | +.00 | 1,262.90 |
| Nasdaq | +.00 | 2,245.38 |
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|---|---|
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