Crude oil hits new record

Earlier in the session, the March contract, which expired today, hit a record all-time high of $101.32 a barrel. Short-covering contributed to the rise as investors bought back any remaining bets that oil prices would fall.

“Supply worries and comments by some OPEC members that the group might not raise output at their March meeting provided the catalyst for the sharp rally,” noted Barclays Capital in a research report.

The latest US inventories data are due for release on Thursday with crud