Oil prices could hit $100 per barrel

CRUDE oil reached a record in New York for a third straight day, approaching $61 a barrel.

The election of a nationalistic government in Iran raised concern foreign investment may suffer in OPEC’s second-largest producer.

Crude oil for August delivery rose as much as 80 cents, or 1.3 percent, to $60.64 a barrel, the highest price since oil started trading on the New York Mercantile Exchange in 1983.