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Oil Prices Jump to $130 a Barrel and then Dip Back Down
What a market; after oil prices spiked more than $25 to $130 a barrel on Monday, September 22, creating an all-time record for the biggest one-day price hike ever, light, sweet crude slipped on Tuesday, September 23, to below $108 a barrel. Analysts suggest that Monday’s crazy rally was ignited from anxiety over the U.S. government's proposed $700-billion plan to purchase troubled mortgage assets and contain the financial crisis, combined with a weak dollar and an expiring crude contract.
What a market; after oil prices spiked more than $25 to $130 a barrel on Monday, September 22, creating an all-time record for the biggest one-day price hike ever, light, sweet crude slipped on Tuesday, September 23, to below $108 a barrel. Analysts suggest that Monday’s crazy rally was ignited from anxiety over the U.S. government's proposed $700-billion plan to purchase troubled mortgage assets and contain the financial crisis, combined with a weak dollar and an expiring crude contract.
