Crude oil ended above $100 a barrel today for the first time ever.

After hitting $100.10, oil for March delivery settled up  4.7 percent, at $100.01 a barrel in New York Mercantile Exchange trading.

Oil had briefly traded above the $100 threshold on January 2 and 3. The first time came after a single buyer purchased one lot for $100 a barrel. In both cases, oil prices retreated below $100.

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Speculation that OPEC may cut production when it meets in two weeks, a refinery explosion in Texas, and reports that a Nigerian rebel leader had been shot dead contributed to the rally in prices.

This is the third run in recent months at the $100 threshold. Oil prices had neared $100 in late November before retreating to below $90 a barrel.

Prices fell late last month on worries that a slowing global economy would curb demand for oil. This month, however, oil prices have gained nearly 15 percent.

Today's price is still shy of the record of $101.70, when adjusted for inflation, which was set in April 1980, according to the Paris-based International Energy Agency.

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