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Profit-Taking Pulls Oil Back From $103

NEW YORK -- Oil futures retreated from a new overnight record above $103 as the dollar gained strength and Turkish forces withdrew from northern Iraq, removing two of the reasons underpinning crude's dramatic 19 percent rise from earlier this month, according to the Associated Press.

But many analysts believe the declines may be temporary, and that oil is poised to rise above $103.76 a barrel. That's the price many believe to be oil's all-time high on an inflation-adjusted basis, set in early 1980 during the Iranian hostage crisis.

Posted by Peter C. T. Elsworth  at 12:52 PM to Crude oil market | Permalink

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