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Crude futures hit $100 for first time

NEW YORK: Crude oil futures set a record close on Wednesday, the first trading day of Year 2008, after briefly hit $100 a barrel on concerns of tight supply and weak U.S. dollar.

Light, sweet crude for February delivery rose $3.64 to settle at 99.62 dollars a barrel, refreshing its record close of 99.29 dollars set last November on the New York Mercantile Exchange after briefly hit the $100 landmark.

Crude futures jumped sharply on Wednesday morning on supply concerns sparked by Nigeria unrest.

The OPEC said its member nations might not be able to meet demand as early as 2024 stirred the crude prices’ rise. — Xinhua

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