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NEW YORK (CNNMoney.com) -- Oil prices kicked off the first trading day of 2008 by hitting a new high of $100 a barrel Wednesday on violence in oil-rich Nigeria, the prospect of more interest rate cuts, a halt in Mexican imports and the expectation of yet another drop in U.S. crude supplies. 0 T/ p. d/ ^0 }: B1 O& r+ x) Y
+ d. k; u3 e9 m$ DU.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 $99.29 set Nov. 20. Oil prices ended 2007 by gaining nearly 60 percent for the year, the largest jump this decade.0 w E/ _2 y$ e2 i
p3 Y3 Z, h6 H! c8 Q' z"This market is really gonna fly," Ira Eckstein, president of Area International Trading Corp, said from the NYMEX floor. 1 |2 r# e; V$ p9 ^7 ]! b
, E9 \& h* x" f% I/ H' }/ IIn 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.' |+ a6 k6 \3 B
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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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