Daily news: Oil Touches $100 a Barrel on Supply Concern

Finally, Oil touched 100 dollar mark for the first time in history. It not surprise, in my previous post, i was concern , that oil will be trading 100 and above one hundred dollar for barrel.
Few economic reasons, got oil to this point:

1. Boosted by speculation U.S. stockpiles dropped to a three- year low last week.

2. Unrest in Nigeria, Africa's largest oil producer, also spurred prices.

3. Supply Concern of China's Demand


Once again many factors are creating non favorable situation for US consumers at the pupms.

Higher oil prices will increase gas prices at the pumps and less favorable for US economy, Market down 1.5%