Crude-oil futures hit the US$100 mark today and closed up nearly US$4 on expectations that U.S. crude inventories fell for a seventh consecutive week and on concerns that violence in Nigeria may cut output from Africa’s biggest oil producer.

Crude for February delivery rallied US$3.64, or 3.8%, to close at US$99.62 a barrel on the New York Mercantile Exchange.

Futures surged $4.02 and hit $100 a barrel in early afternoon trading.

Trading volumes were about half of their usual levels as traders returned from their new year breaks,

Crude inventories are expected to drop in the week ended Dec. 28. The U.S. Energy Information Administration will issue an inventory report at 10:30 ET on Thursday, a day later than usual because of the New Year’s holiday.