an. 3 (Bloomberg) -- Crude oil traded near a record in New
York after reaching $100 a barrel for the first time yesterday on
concern violence in Nigeria may further cut output in Africa's
biggest oil producer.
Nigerian militants killed 12 people in the southern oil
city of Port Harcourt on Jan. 1. Violence has already curbed the
nation's daily production by almost a quarter. Gold surged 3.1
percent yesterday to a record as the dollar's slump against major
currencies enhanced the appeal of commodities as a hedge against
inflation.
``It was the violence in Nigeria that pushed prices up there,
combined with the fact that a lot of the bigger players are back
in the market after the holiday,'' said David Aleman, a senior
analyst at Grand Central Trading Co. in Newport Beach, California.
``The market was looking for bullish reasons to keep going higher
and this event fits the bill.''
