Oil prices reached the symbolic level of $100 a barrel for the first time on Wednesday, a long-awaited milestone in an era of rapidly escalating energy demand.
Crude oil futures for February delivery hit $100 on the New York Mercantile Exchange shortly after noon New York time, before falling back slightly. Oil prices, which had fallen to a low of $50 a barrel at the beginning of 2007, have quadrupled since 2003.
Shortly after 2:30 p.m., futures were trading at $99.47, up $3.49 on the day.
Wednesday, January 2, 2008
Oil Hits $100 a Barrel
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