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NEW YORK (CNNMoney.com) -- Oil prices kicked off the first trading day of 2008 by hitting a new high of $100 a barrel Wednesday on violence in oil-rich Nigeria, the prospect of more interest rate cuts, a halt in Mexican imports and the expectation of yet another drop in U.S. crude supplies. ' U( O1 u1 Z" ^# D0 D, k# V6 B
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U.S. crude for February delivery jumped $4.02 to $100 a barrel on the New York Mercantile Exchange before slipping to $99.42. The previous trading record was $99.29 set Nov. 20. Oil prices ended 2007 by gaining nearly 60 percent for the year, the largest jump this decade. D/ S; L" l M1 F0 F* M6 X
) B2 L% h! N+ i3 _"This market is really gonna fly," Ira Eckstein, president of Area International Trading Corp, said from the NYMEX floor. Q/ w* }. } O2 I' t8 m4 i
. Z- t& b+ {) O9 cIn Nigeria, bands of armed men invaded Port Harcourt, the center the oil industry Tuesday, attacking two police stations and raiding the lobby of a major hotel, The Associated Press reported. Four policemen, three civilians and six attackers were killed. The Niger Delta Vigilante Movement claimed responsibility for the attack. [* i" }' I# l' U/ ^
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At 2.1 million barrels per day, Nigeria was the world's eighth-largest oil exporter in 2006, according to the U.S. Energy Information Agency. |
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