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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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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 $99.29 set Nov. 20. Oil prices ended 2007 by gaining nearly 60 percent for the year, the largest jump this decade.6 m, q, L& g. u! e& D9 e
! p! J V$ x4 S5 C7 T9 z+ Y1 j"This market is really gonna fly," Ira Eckstein, president of Area International Trading Corp, said from the NYMEX floor. ' y1 `/ ]* T9 j0 |2 P# m" Z
4 y; t* u6 W& h. x IIn 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.6 {+ \+ o3 k+ B1 ^6 K# a* w
& Y8 ]/ Y9 v! ]) o* j3 Z4 gAt 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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