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The expensive oil is expected to translate into higher prices in general (Photo: Notat)

Oil hits $100 a barrel mark

The price of crude has passed the psychological mark of $100 a barrel for the first time, sparking fears of high inflation and global economic slowdown.

The spike in global oil prices has been caused by several factors, but mainly by violence in Africa's state of Nigeria, one of the world's largest oil producers. On 1 January militants killed 12 people in the oil city of Port Harcourt.

The armed militant groups have been attacking oil installations and kidnapping foreign oil work...

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The expensive oil is expected to translate into higher prices in general (Photo: Notat)

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