Oil price at record $100 a barrel
Posted by BlognThings in news
Oil has traded at $100 a barrel for the first time.
Violence in Nigeria, Algeria and Pakistan, the weak US dollar and the threat of cold weather have all raised prices after the new year break.
Light sweet crude rose $4.02 to $100 a barrel in New York, prompting a drop in shares and a surge in gold prices.
There are concerns that the high price of oil will stoke inflation at a time when many central banks are trying to cut interest rates to stimulate growth.
US shares had already been hit on Wednesday by figures showing that the manufacturing sector was contracting.
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