Crude Oil Price Rises to $100.01 a Barrel
NEW YORK --- The price of crude oil for March delivery rose to $100.01 a barrel in New York, buoyed by expectations that OPEC will opt to cut production when it meets March 5.
Oil ministers from Algeria and Iran said last week that the Organization of Petroleum Exporting Countries may cut output as winter heating demand drops, Bloomberg reported.
In recent days, market analysts have also pointed to other reasons for the rise in oil prices, including the decline of the U.S. dollar, the quarrel between Venezuela and Exxon, and fears of new supply disruptions in Nigeria.
On Feb. 19, crude oil for March delivery rose $4.51 to settle at $100.01 a barrel at 2:55 p.m. on the New York Mercantile Exchange. Futures reached $100.10 --- the highest intraday price since trading began in 1983.