Oil futures at $100 a barrel
Supply concerns after violence outbreak in Nigeria pushed oil prices to $100 a barrel.
Crude oil prices briefly touched $100 a barrel Wednesday for the very first time amid the notion that global demand for oil and petroleum products will outstrip supplies.
Growing economies in China and India reliant on oil and gasoline have sent prices soaring over the past year, while instability in oil producing nations like Nigeria and Iran have increasingly invited speculators to drive oil prices higher.
Violence in Nigeria helped give crude the final push to $100. Bands of armed men invaded Port Harcourt, the center of Nigeria's oil industry Tuesday, attacking two police stations and raiding the lobby of a major hotel.
Oil prices is predicted to increase further in the future based on a report that concluded by 2024, OPEC may not be able to meet its share of global oil demand.
Credits: Jarvis
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