Oil prices closed above $100 a barrel Friday, the first time it crossed that threshold since October. Benchmark U.S. oil for February delivery rose 77 cents to close at $100.32 in trading on the New York Mercantile Exchange. The price of oil got a boost from a drop in applications for unemployment benefits, the latest sign of recovery in the U.S. job market, and expectations of a decline in U.S. crude stockpiles. Optimism about the U.S. economic recovery lifted expectations for the country’s energy demand. The last time oil traded above $100 a barrel was Oct. 21. The last day it closed above $100 a barrel was Oct. 18. During the abridged holiday trading week, oil gained $1. A report from the Energy Department’s Energy Information Administration released Friday showed that U.S. crude stockpiles fell 4.7 million barrels last week to 367.6 million barrels. The supply fell in the […]