Texas light crude oil contracts traded on the New York Mercantile Exchange touched US$100.18 and is traded at US$101.57, down 7.1% on the day.

Meanwhile, the North Sea Brent variety falls 6.8% to US$105.20 a barrel, after reaching a low on the day of US$103.70.

Oil prices reached nominal highs of US$147 a barrel in july 2008.

Brent traded on the London market reached an all-time intraday high of US$147.43 on july 10, 2008, while its record close was US$146.08 a barrel on july 3, 2008.

Likewise, a barrel of Texas light crude (WTI) touched US$129.44 a barrel on march 8, close to US$130 on september 21, 2008, some 13 and a half years ago.

US crude oil hit an all-time intraday high on july 10, 2008, at US$147.27 a barrel, while its closing high was recorded on july 3, 2008, at US$145.29.

Brent crude oil surpassed US$139 a barrel, while Texas crude touched US$130 last week.