It was inevitable
Oil hits record $100 a barrel
NEW YORK (Reuters) - Oil vaulted to a record $100 a barrel on Wednesday as violence in , tight energy stockpiles and a weaker dollar triggered a surge of speculative buying, dealers said
"Oil hitting $100 a barrel has sparked some concerns about the consumer and inflation," said Todd Salamone, vice president of research at Schaeffer's Investment Research.
U.S. crude traded once at $100 a barrel, up $4.02, then eased back to $99.58 by 2:06 p.m. EST. London Brent crude rose $4.04 to $97.89.
"Oil could rise further from here. It's simple supply and demand fundamentals," said Kris Voorspools, energy analyst at Fortis in.
The White House said it would not open up the emergency crude oil reserve to lower prices, while anmember said the cartel was powerless to bring the market down from its lofty height.
jumped 58 percent in 2007, the biggest annual gain this decade. Oil has nearly tripled since 2000 -- driven by rising demand in and other developing countries, tight stockpile levels and geopolitical turmoil.
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