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Oil traders eye $100 crude next year
DATE:2008-1-2  FROM:  AUTHOR:  DOWN:2657
 
NEW YORK - Oil prices ended the year near $96 a barrel, or 57 percent higher than where they began, and analysts expect rising demand and geopolitical instability to keep upward pressure on energy costs early in 2008.


"There's a good chance this week that we'll see some record highs," Jim Ritterbusch, president of Ritterbusch and Associates in Galena, Ill., said.


A record-breaking year for energy futures ended quietly on Monday, with oil futures declining 2 cents to settle at $95.98 a barrel on the New York Mercantile Exchange.


Oil reached a trading record of $99.29 on Nov. 21, and remains close to the range of inflation-adjusted highs set in early 1980. Depending on how the adjustment is calculated, $38 a barrel then would be worth $96 to $103 or more today.

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