Thursday January 03, 2008 
Thursday January 03, 2008
Oil prices vaulted to a record $100 a barrel on Wednesday [2 Jan 2008] as violence in Nigeria, tight energy stockpiles and a weaker dollar triggered a surge of speculative buying, dealers said. "Oil hitting $100 a barrel has sparked some concerns about the consumer and inflation," said Todd Salamone, vice president of research at Schaeffer's Investment Research.
U.S. crude traded once at $100 a barrel, up $4.02, before easing back to settle $3.64 higher at $99.62. Crude prices jumped 58% in 2007, the biggest annual gain this decade. Oil prices have nearly tripled since 2000 - driven by rising demand in China and other developing countries, tight stockpiles and geopolitical turmoil.
Weakness in the dollar has added to gains across the commodity sector as investors supported the underlying value of products denominated in the softening currency. A further decline in U.S. crude stockpiles - already running at a three-year low - was also expected. Stocks of crude in the United States were expected to have fallen 2.2 million barrels last week, the seventh straight week of decline, as refiners processed more crude.
- Welcome to $100 oil.
See also :
1. Crude oil hits $99.29 (20 Nov 2007)
2. Crude oil hits $98.03 (7 Nov 2007)
3. "It's going crazy" ($93.80) (29 Oct 2007)
4. Another day, another record ($92.79) (29 Oct 2007)
5. Oil rises to record $91.10 (26 Oct 2007)
(2008-01-03 07:52:20 SGT)
[Energy]
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It's time to wake up and smell the roses!
Posted by simon on January 03, 2008 at 10:39 AM SGT #