Oil Prices Explode

Prospects for a weaker dollar and worries about the Wall Street bailout send investors flooding back into the oil market

Crude oil, the newest safe haven? Amid high-profile implosions on Wall Street and the prospect of massive new U.S. government debt, investors rushed into crude oil futures on Sept. 22, sending prices up a record 16% in one day. The price of a barrel of West Texas Intermediate crude oil surged more than $25, to $130 on the New York Mercantile Exchange (CME), before settling at $120.92. The one-session rise of $16.37 rise set a record.

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