Oil Futures hit high of $100 a barrel
Posted By RichC on January 2, 2008
After violence breaks out in Nigeria, the price of light, sweet crude futures for January delivery rose $4.02 to $100 a barrel on the New York Mercantile Exchange. The prices continue to rise due to the expanding economies of China and India according to analysts. Tensions around the world continue to create unrest for traders and speculators which according to some could drive prices even higher. Besides the Nigerian situation, weather has affected Mexican exports as ports have been closed and a report indicating that OPEC might not be able to meet global demands have added concerns.
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