$100 Oil Rekindles Interest in Peak Oil Theory

OPEC's production is already close to maximum capacity and the organization can do nothing to curb prices that touched US$100 in New York.

Published: 06-Jan-2008

INTERNATIONAL. Crude futures for February delivery closed down $1.27 at $97.91 a barrel Friday on the New York Mercantile Exchange after touching the US$100 mark in both of the two previous days.

A US Labor Department survey, showed US payrolls grew at the slowest pace in more than four years, rekindling worries that oil demand from the world's biggest energy user may slow as its economy weakens.

The hike in oil prices comes amid fears over declining stocks, a weak dollar and recent geopolitical troubles, including in oil-producing Nigeria.

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