Business Blog: Hoover’s Business Insight Zone

Earlier today crude-oil prices briefly hit $100 per barrel, once again reacting (in part) to geopolitical news.

• Crude hits $100 on supply jitters, Nigeria violence — SAN FRANCISCO (MarketWatch) — Crude-oil futures hit the $100 mark Wednesday, surging more than $4 a barrel on expectations that U.S. crude inventories fell for a seventh consecutive week and on concerns that violence in Nigeria may cut output from Africa’s biggest oil producer.

• Oil Touches $100 a Barrel on Supply Concern, Increased Demand — Jan. 2 (Bloomberg) — Crude oil rose to $100 a barrel for the first time in New York as record global fuel consumption threatens to outpace production.Oil’s gain, extending last year’s 57 percent rally, was boosted by forecasts that U.S. stockpiles dropped to a three-year low last week. Unrest in Nigeria, Africa’s largest oil producer, also spurred prices.

Welcome to 2008!