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Nov. 16, 2011, 9:44 a.m. EST
Crude oil cracks $100 for first time since June

By MarketWatch

NEW YORK (MarketWatch) — Crude oil futures on Wednesday broke through $100 a barrel for the first time since June, capping off a quick rise in crude futures from $75 since early October.

Mervyn King, the Bank of England Governor caused quite a stir with a warning that the chances of a euro zone recovery are quite remote. Dow Jones’s Ainsley Thomson discusses whether he should be looking at things closer to home.

West Texas Intermediate (WTI) crude oil futures for December delivery CL1Z +2.69% rose 2.2% to $101.56 a barrel on the New York Mercantile Exchange.

With the U.S. dollar weakening and jitters over the sovereign debt crisis roiling markets, crude oil futures have accelerated gains of late.

At the same time, Brent crude futures fell 1.2% to $110.47 on sustained jitters over economic strength in Europe.

The narrower price difference between Brent and WTI futures pressured shares of Midwest petroleum refiners, which had been benefitting from cheaper WTI prices over the summer.

Shares of Marathon Petroleum Corp. MPC -6.56% dropped 8%; Valero Energy Corp. VLO -6.67% dropped fell 3.8% in pre-open trades and Tesoro TSO -6.29% fell 4.6%.

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