the visible hand

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Oil pushes to $100

Posted by ecoshift on January 2, 2008

Oil pushes to $100 – Jan. 2, 2008
Violence in Nigeria, supply disruption in Mexico and the prospect of another drop in U.S. inventories and more rate cuts drive crude past the triple-digit mark

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.S. crude for February delivery jumped $4.02 to $100 a barrel on the New York Mercantile Exchange. 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.

“This market is really gonna fly,” Ira Eckstein, president of Area International Trading Corp, said from the NYMEX floor.

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