Alberta Index - ENERGY: US crude oil breached $100-per-barrel ceiling

ENERGY: US crude oil breached $100-per-barrel ceiling

(AlbertaIndex, January 3, Thursday) --- US crude oil futures broke the psychological $100 per barrel ceiling for the first time in New York trading yesterday.

On the NYMEX’s first trading day of 2008, crude futures started strongly, surging $2 from its Friday close of $95.98 a barrel. Over the holiday period, renewed fighting in Nigeria coupled with turmoil in Pakistan and Kenya added a bullish undertone to sentiments.

Prices climbed further to touch $100 a barrel before retreating. In Nigeria, armed men were involved in a deadly shoot-out with police in Port Harcourt, the base of the country’s oil industry.

With geopolitical concerns still a major consideration and global oil demand growth showing no let-up, the $100 level could well become the new reference point for the oil markets.

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