Oil Hits Record Close

Oil Closes Over $100 for 1st Time

The price of crude oil closed over $100 for the first time yesterday on the New York Mercantile Exchange, rattling stock markets and marking a milestone in the relentless rise in petroleum prices over the past five years. The high oil price, which rivals the inflation-adjusted peak set during the early days of the Iran-Iraq war nearly three decades ago, has drained cash from the pockets of consumers just when the slowing economy could use a spending boost. And it reinforced fears that oil prices, which have long fluctuated with political and economic cycles, may never again drop to past levels.