Oil breaks $100, hits new all-time high

[chaiyos]

Oil breaks $100, hits new all-time high

Crude soars as investors weigh the possibility of OPEC production cuts; Texas refinery explosion may have also lifted prices.
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The path to $100-a-barrel oil now appears open, according to one industry analyst.
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NEW YORK (AP) -- Oil prices hit new record highs Tuesday as a Texas refinery fire and fears of an OPEC production cut pushed crude to settle at over $100 a barrel for the first time ever.

U.S. crude for March delivery jumped $4.51 to settle at $100.01 a barrel on the New York Mercantile Exchange, topping the previous settlement record of $99.62 set Jan. 2.

Oil also hit a new all-time trading high of $100.10 a barrel, besting the previous high of $100.9 set Jan. 3.

http://money.cnn.com/2008/02/19/markets ... 2008021915

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