US oil price jumps over $110 a barrel

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The price of New York's main oil contract rose to over $110 a barrel on Thursday, for the first time since the commodities spike of 2008.

Prices for West Texas Intermediate crude for May delivery stood at $110.01 a barrel in the final hours of the day's trading, after touching levels not seen since September 2008.

The jump came a day after London's benchmark Brent North Sea crude soared to $123.37, its highest level since early August 2008.