Arabian standards but would not be considered light if produced in the U.S. The largest oil field in the world, Saudi Arabia's Ghawar field, produces light crude oils ranging from 33° API (860 kg/m3) to 40° API (825 kg/m3) U.S. price In the United States, the price of the front month light sweet crude oil futures contract, traded on the NYMEX commodity exchange (symbol CL), is widely reported as a proxy for the cost of imported crude oil. These contracts have delivery dates in all 12 months of the year. From below $20 a barrel in early 2002, it rose to an intraday peak of $70.85 at the end of August 2005 in the aftermath of Hurricane Katrina. A new intraday record high of $78.40 was set on July 14, 2006, prompted by the firing of at least six missiles by North Korea on July 4–5, 2006, and escalating Middle East violence. Subsequently, the price declined until on October 11, 2006, the price closed at $66.04. But, by August 2007, the price had reached a record high of $78.71, amid production output concerns in the North Sea and Nigeria. On November 29, 2007, the price peaked at $98.70 intraday after closing at $98.03 the previous day. The price of light crude set a new intraday high on May 21, 2008, of $133.45 and closed at $133.17. A new high was reached on July 11, 2008, as prices temporarily reached $147.27 a barrel. Trading Light crude oil is traded on the CME Globex, CME ClearPort, (CME Group) and Open Outcry (New York) futures exchange venues and is quoted in U.S. dollars and cents per barrel. Its product symbol is "CL" and its contract size is with a minimum fluctuation of $0.01 per barrel. See also Benchmark (crude oil) Brent Crude West Texas Intermediate Sweet crude oil Price of petroleum Notes Petroleum Oil and gas markets