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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.
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) { _. K2 `9 t9 ]" HU.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 $99.29 set Nov. 20. Oil prices ended 2007 by gaining nearly 60 percent for the year, the largest jump this decade.
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1 H1 v2 m7 A, z2 x8 n6 {' _0 B"This market is really gonna fly," Ira Eckstein, president of Area International Trading Corp, said from the NYMEX floor.
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In Nigeria, bands of armed men invaded Port Harcourt, the center the oil industry Tuesday, attacking two police stations and raiding the lobby of a major hotel, The Associated Press reported. Four policemen, three civilians and six attackers were killed. The Niger Delta Vigilante Movement claimed responsibility for the attack. r) `! A) W% J( y- C
: c, x8 ]4 G3 C( [$ }- B. fAt 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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