Wednesday, January 2, 2008

Oil Hits $100 a Barrel

NY Times reporting:

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.