Crude Oil Futures Post Record Gain as

Crude oil futures zoomed more than $16 a barrel yesterday (Monday) – and traded as high as $130 a barrel – thanks to a steep decline in the U.S. dollar and speculation that the Bush administration

At that price level, gasoline would cost more than $10 per gallon.

Crude oil for October delivery soared $16.37 a barrel, or 15.7%, to close at $120.92 a barrel on the New York Mercantile Exchange (CME). The gain surpassed the previous price-gain record for a single day of $10.75, a move that occurred on June 6. The highest percentage gain in a single day – 20.9% – was recorded on Jan. 3, 1994, according to FactSet Research Systems Inc.

Trading was halted for five minutes after the October crude contract reached the daily price-movement limit of $10 per barrel, MarketWatch.com reported. Under trading rules, the price-change limit is increased by another $10.

Money Morning