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Oil Hits Record Over $100

February 20, 2008

Oil surged nearly 5 percent on Tuesday to hit a record over $100 a barrel on expectations OPEC will not hike output to ease high prices next month despite the economic woes of top consumer the United States.

U.S. crude settled up $4.51 at $100.01 a barrel after hitting $100.10 a barrel, a penny higher than the previous high struck on January 3. London Brent crude settled up $3.65 at $98.56 a barrel.

News Nigerian oil delta rebel leader Henry Okah had died raised worries about supplies from the OPEC country, but a spokesman for the government later said he was alive and in custody.

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