Oil prices skyrocket past US$90

NEW YORK – New York crude oil prices surpassed a record US$90 a barrel in after-hours trading Thursday as Iraq urged Turkey not to take military action against Kurdish rebels located in northern Iraq.

Traders said oil prices were also stoked higher by a weakening US dollar and global supply jitters. “The issue seems no longer to be whether oil will reach US$100 per barrel, but when,” said Barclays Capital analyst Kevin Norrish.The price gains in after-hours trading came after New York’s main oil futures contract, light sweet crude for delivery in November, had jumped US$2,07 to a record close of US$89,47 a barrel.In electronic trade after the market close, the benchmark contract spiked to an all-time high of US$90,02.London prices also pushed higher in after-hours trading, as Brent North Sea crude for December delivery soared to US$84,88 after the contract had earlier settled US$1,47 dollars higher at US$84,60.Oil prices gained last week amid geopolitical angst, related to fears over a potential conflict affecting Turkey’s border with Iraq, and a weakening US dollar.Turkey said Thursday it would pursue diplomacy to defuse a crisis over Kurdish rebels in northern Iraq as Baghdad made fresh appeals to dissuade its neighbour from possible military action.Nampa-AFP”The issue seems no longer to be whether oil will reach US$100 per barrel, but when,” said Barclays Capital analyst Kevin Norrish.The price gains in after-hours trading came after New York’s main oil futures contract, light sweet crude for delivery in November, had jumped US$2,07 to a record close of US$89,47 a barrel.In electronic trade after the market close, the benchmark contract spiked to an all-time high of US$90,02.London prices also pushed higher in after-hours trading, as Brent North Sea crude for December delivery soared to US$84,88 after the contract had earlier settled US$1,47 dollars higher at US$84,60.Oil prices gained last week amid geopolitical angst, related to fears over a potential conflict affecting Turkey’s border with Iraq, and a weakening US dollar.Turkey said Thursday it would pursue diplomacy to defuse a crisis over Kurdish rebels in northern Iraq as Baghdad made fresh appeals to dissuade its neighbour from possible military action.Nampa-AFP