Crude oil surged to fresh records in Asia on Tuesday, trading at 86.33 dollars a barrel amid mounting tension between Turkey and Kurdish rebels across the border in Iraq.
In late morning trade New York’s main oil futures contract, light sweet crude for delivery in November, was 20 cents higher than the 86.13 dollars reached in late New York trades on Monday.
Brent North Sea crude for November delivery was 10 cents higher at a fresh record of 82.85 dollars a barrel, after spiking 2.20 dollars to 82.75 dollars a barrel in London on Monday.
Brent’s previous record of 81.05 dollars was reached late last month, while New York crude has now surpassed its former all-time peak of 84.10 dollars reached during intra-day trade in September.
For the rest of this The Times.co.za article, click here.
NVDL: The military scuffles in Turkey are a smokescreen for the real reason oil prices are this high. Excessive demand, depleting supply. You have the all clear to panic.
For more from MSNBC (watch Greenspan's comments on the effects of oil on recesssion), click here.
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