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NEW YORK (CNNMoney.com) -- Oil prices kicked off the first trading day of 2008 by hitting a new high of $100 a barrel Wednesday on violence in oil-rich Nigeria, the prospect of more interest rate cuts, a halt in Mexican imports and the expectation of yet another drop in U.S. crude supplies. 5 e/ t: u1 p+ e/ e4 D1 @0 B7 y
5 F1 E$ l+ B! zU.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 $99.29 set Nov. 20. Oil prices ended 2007 by gaining nearly 60 percent for the year, the largest jump this decade.9 c/ h3 V' r/ I4 H3 [
5 X3 ^$ Y) `) [# S! f; f/ ?/ p"This market is really gonna fly," Ira Eckstein, president of Area International Trading Corp, said from the NYMEX floor.
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1 O7 l+ m5 m, p- AIn 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.! t* D$ a( W% k
. l; k! {7 z5 i$ |At 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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