Oil hits 100 dollars for first time

02 January, 2008

NEW YORK (AFP) - The price of oil on Wednesday hit 100 dollars a barrel for the first time in history, dealers said.

On the New York Mercantile Exchange (Nymex) at 1720 GMT, a barrel of "light sweet crude" for February jumped 3.48 dollars to 99.46 dollars. Shortly before it had reached the exact price of 100 dollars a barrel.

In London, Brent North Sea crude for February soared to a record 97.05 dollars per barrel. It later stood at 96.85 dollars, up three dollars from its close on Monday.

Markets were closed Tuesday for the New Year holiday.