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Oil Hits Record $100 a Barrel

Disruptions in Nigeria, Mexico stoke supply concerns

By Nick McMaster, Newser Staff

Posted Jan 2, 2008 11:11 AM CST

(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.

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)

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Oil Hits Record $100 a Barrel

Disruptions in Nigeria, Mexico stoke supply concerns

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$100 Oil Will Return Soon Enough: Study

Price will rebound with economy, likely to hit $200 a barrel in 2030

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Oil Flirts With Record-High $104

Passes inflation-adjusted all-time peak

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Inflation would skyrocket as American society reorganizes

Nigerian Youths Blow Up Oil Pipeline

Chevron output diminished by 120K barrels per day

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Oil Hits Record $100 a Barrel

Disruptions in Nigeria, Mexico stoke supply concerns

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OTHER STORIES ON OUR RADAR

oil • Nigeria • exports • Port Harcourt • oil price • Nigerian violence • oil supply • US stockpiles • $100 a barrel oil • interest rate cut

MOST POPULAR STORIES

[ By Views ]

[ By Comments ]

More Newser Stories

$100 Oil Will Return Soon Enough: Study

Price will rebound with economy, likely to hit $200 a barrel in 2030

$4 Gas Expected This Spring

Energy Department predicts gas prices to peak soon

Oil Flirts With Record-High $104

Passes inflation-adjusted all-time peak

What if Oil Hits $200?

Inflation would skyrocket as American society reorganizes

Nigerian Youths Blow Up Oil Pipeline

Chevron output diminished by 120K barrels per day

About Us

Site

Newser By Users

Community

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More News

What is Newser?