Well, almost. The May 2008 Futures contract hit $119.90 — that’s the all time high for Crude Oil.
Here’s a quick excerpt from Bloomie:
"Crude oil rose to a record $119.90 a barrel in New York as the dollar dropped to an all-time low against the euro, prompting investors to purchase commodities as an inflation hedge.
The dollar touched $1.60 per euro for the first time after European Central Bank policy makers signaled they may raise interest rates because of inflation. Oil’s 24 percent surge this year has pulled gasoline and diesel fuel to records, weighing on an economy already reeling from a credit crisis.
Crude oil for May delivery advanced $1.69, or 1.4 percent,
to $119.17 a barrel at the 2:30 p.m. close of floor trading on
the New York Mercantile Exchange. Futures reached $119.90 today,
the highest since trading began in 1983. Prices are up 88
percent from a year ago.
The May contract expired today. The more-active June
futures contract rose $1.35, or 1.2 percent, to $117.98 a
There is a huge contingent that simply refuses to believe in the rally in Oil — since around $40.
Crude Oil Reaches All-Time High Above $119 on Record Euro
Bloomberg, April 22 2008