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NEW YORK (CNNMoney.com) -- Oil prices kicked off the first trading day of 2008 by hitting a new high of $100 a barrel Wednesday on violence in oil-rich Nigeria, the prospect of more interest rate cuts, a halt in Mexican imports and the expectation of yet another drop in U.S. crude supplies. - j4 Z) C. y$ K& d3 U
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U.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 $99.29 set Nov. 20. Oil prices ended 2007 by gaining nearly 60 percent for the year, the largest jump this decade.6 r4 |# v% T* U+ ~6 e; }) y
8 M$ Y$ M& [5 ^& N"This market is really gonna fly," Ira Eckstein, president of Area International Trading Corp, said from the NYMEX floor.
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" W k" G' R$ H! ~. p6 l3 g! R+ tIn 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.5 A- j1 \* m0 P( k# [1 f: 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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