Oil price hits $100 per barrel for first time since 2008

31st January 2011, Comments 0 comments

World oil prices topped $100 per barrel on Monday, breaching the psychological level for the first time since 2008, as traders fretted over ongoing unrest in Egypt.

London's Brent North Sea crude for delivery in March surged as high as $100.05 per barrel in late afternoon deals -- which marked the highest level since October 1, 2008.

Traders are worried that turmoil in Egypt could disrupt the flow of oil through the Suez Canal on its way to the West, analysts said.

© 2011 AFP

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