Skip to: Content
Skip to: Site Navigation
Skip to: Search

July 9, 2008 4:56:37 AM CDT

Learn about Newser Points »

Back to the grid

Oil Hits Record $100 a Barrel

Posted Jan 2, 08 11:11 AM CST in Business,  World    Most Covered

(Newser) – Crude oil prices jumped $4.02 today to push past $100 a barrel for the first time as Nigerian violence, disrupted Mexican exports, and the specter of dipping US stockpiles stoked supply fears in the face of ever-rising energy demands, CNNMoney reports. The previous record was $99.29, set November 20.

"It is a combination of things ... a weaker dollar—on expectations of further interest rate cuts—and Nigeria," said one futures trader. Bands of armed men yesterday attacked police stations and other targets in Nigeria's main oil city, Port Harcourt, causing investors to believe there would be further disruptions in oil shipments from the world's eighth largest oil exporter.

Sources CNN, Wall Street Journal

Related News

  • $4 Gas Expected This Spring

    Mar 12, 08 4:40 AM CDT
    $4 Gas Expected This Spring Skyrocketing gas prices could hit $4 a gallon as early as this spring, predict government analysts. A new Energy Department report estimates prices will peak at close to $3.50 in most of the nation in May and June, but the $4 barrier could be broken in some regions, and even across the country for a short period as demand peaks, reports USA Today. More »

  • Oil Flirts With Record-High $104

    Mar 3, 08 11:45 AM CST
    Oil Flirts With Record-High $104 As oil soared to nearly $104 a barrel today, it set an all-time, inflation-adjusted record, surpassing even the height of the oil crises of the '70s and '80s, the New York Times reports. Futures touched $103.95 on the New York Mercantile Exchange, beating out the April 1980 record of $39.50 a barrel, or $103.76 adjusted for inflation. More »

In this Nov. 21, 2007, file photo, Santiago Santos fuels up his car at a gas station in San Jose, Calif. High demand promises to keep oil prices rising. (AP Photo/Marcio Jose Sanchez, File)   (Associated Press)
In this Nov. 26, 2007, file photo, a pumping unit sucks crude oil from the ground near Manhattan, Kan. (AP Photo/Charlie Riedel, File)   (Associated Press)
A picture taken 13 December 2007 shows the Statfjord A platform ( background) and the loading buoy (foreground right), in the North Sea near Norway. Oil prices surged past the $100 a barrel mark today,...   (Getty Images)
prev    next
play

Threads (1 of 2)

Tags

oil price  • oil  • interest rate cut  • Nigeria  • exports  • oil supply  • $100 a barrel oil  • Port Harcourt


Loading...

Loading...

Related Threads: The Prize: Oil, How High Will Oil Go?

Next story from this section »

Today's Most Popular


Other World Stories

What is Newser?

2008 Codie Finalist

Newser gives you more news in less time. We search for the best and most important stories all over the web, read them for you, and deliver concise and sharp summaries—along with links to the full text. Newser provides a way to stay on top of an ever-expanding horizon of news and opinion—politics, sports, business, trends, technology, personalities, crimes, and controversies. Newser keeps you not just better informed, but, with our signature graphic interface and smart condensed format, more enjoyably informed.

Learn more »