For the first time ever oil prices have busted through the psychological $100 mark. As Joseph Lazzaro mentioned earlier this morning, concerns over unrest in Nigeria, along with expectations of a bullish inventory report from the Energy Department had been the forces pushing prices higher, and now prices have finally been able to hit the $100 mark.
This week's inventory report, which is typically released on Wednesdays, will be coming out a day late due to the fact that the market was closed yesterday for New Years. We will see if prices are able to hold onto the century mark once we get tomorrow's data.
Michael Fowlkes has worked as a stock trader for seven years and spent the last four years working as an analyst for the online investment advisory service Investor's Observer
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