Oil price hits $100 for first time in four months

The price of West Texas Intermediate (WTI) crude hit a near-four month high this afternoon after rising shortly before US equity markets opened.

The price has been below $100 per barrel since late July, but broke through the barrier today after rising $1.38 to $100.75.

Prices had fallen on concerns global growth - and therefore demand for the commodity - was slowing.

It remains more than 10% off its year high of $113.93, seen in April. Oil inventories in the US recently rose unexpectedly, and this is expected to keep a lid on prices in the short term.

Meanwhile, Brent crude fell more than 1% today to $110.8, off around $1.37. It also remains well off highs seen earlier in the year, and below the record of $145.9 in 2008.