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Oil prices hit $100 per barrel for first time ever

January 3, 2008
By Ken Worsley


It has finally happened: During Wednesday trading in New York, crude oil prices exceeded $100 per barrel for the first time ever. A host of factors seem to have combined in order to push prices beyond the century mark: Unrest in Nigeria, increased demand from China, a potential halt in oil exports from Mexico, an expected drop in the US crude oil supply, and fears that the Fed will cut interest rates.

How is this relevant to the Japanese economy? Well, as we know, the current inflation in consumer prices is being driven by high oil and energy-related production costs. Luckily, Japan’s financial markets won’t be open tomorrow, or else there could be some bloodshed. Then again, we have to wonder how much oil prices might “recover” before markets open on Friday.

Expect the Nikkei to follow tomorrow’s Dow and Nasdaq…

Filed Under China, Economics, Supply & Demand, US 

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Comments

One Response to “Oil prices hit $100 per barrel for first time ever”

  1. Garrett on January 9th, 2008 6:02 am

    This is going to make Japan deal more with Canada.

    Seriously, though, we’ve now seen what’s happened to the Nikkei so far this year. How much of this has any relation to $100 per barrel oil?

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