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Oil price at a record high in decades
03
Jan '08
January 2 saw crude oil hit record of $100 per barrels for the first time since trading began in 1983. Experts also believe that the ongoing turmoil in Nigeria may further bring a cut in the country's output.

Nearly 12 people were murdered on January 1 by Nigerian militants in southern oil city of Port Harcourt. It was largely because of this that prices have soared in the region. Even gold prices rose by 3.1 percent.

Oil rose by 57 percent in 2007 to reach 90.92 barrel in the last week of the year. Nevertheless, yesterday the contract jumped $3.64, or 3.8 percent, to close at $99.62 a barrel after touching $100 a barrel in the earlier hours of the day.

Crude oil for February delivery traded at $99.23 a barrel, down 39 cents, in after-hours electronic trading on the New York Mercantile Exchange, just before 11:00 am in Singapore.


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