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Oil price dips below $100 mark - for now

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Published 03 January, 2008, 15:15

U.S. crude futures hit a record 100 US dollars a barrel on Wednesday, boosted by violence in OPEC member countries Nigeria and Algeria, and by a weak dollar.

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The price jumped almost US$ 4 per barrel on the Nymex to eclipse the previous high of US$ 99.29 of November 1.

The hike came after suspected militants attacked police stations and a luxury hotel in Nigeria. Al Qaeda's North Africa wing also claimed responsibility for a deadly bombing which left 18 dead in Algeria.

One trade changed hands for US$ 100 on Wednesday, and the price is holding above US$ 99 with everyone now eyeing Thursday's inventory data from the United States.

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