New York Mercantile Exchange (NYMEX) prices for February delivery of light, sweetcrudeoil stood at 51.88 U. S. dollars per barrel on Thursday, he lowest since May 2005.
While randomly drilling in Oklahoma somewhere might have yielded sweetcrude in 1915, the latter stages of oil-driven capitalism find us drilling offshore and thousands of feet deep.
As we've been reporting, oil prices have touched new heights in after hours trading. US light sweetcrude futures climbed a dime from Tuesday's new record closed at 44 dollars 25 cents a barrel.