NEW YORK - New York's main oil futures contract, light sweet crude for delivery in November, hit a record 89.30 dollars in intraday trade Thursday, boosted by geopolitical and supply concerns.
The new high came a day after the benchmark contract had climbed to a record 89.00 dollars in intraday trade, before closing 21 cents lower at 87.40 dollars, breaking a six-session surge.
In London, Brent North Sea crude for December delivery was up 1.47 dollars at 84.60 dollars. The November contract expired Tuesday after striking an all-time high of 84.49 dollars.
Crude futures had finished lower Wednesday on profit-taking after a stronger-than-expected US energy stockpiles report offset geopolitical worries surrounding oil exporters Iraq and Iran.
This week, oil blazed a record-breaking trail as traders seized on simmering tensions along the Turkey-Iraq border.
Prices also won support from the weak US dollar, which makes dollar-priced commodities cheaper for buyers with stronger currencies and therefore lifts crude demand.
The euro hit a record high 1.4310 dollars earlier Thursday. "The issue seems no longer to be whether oil will reach 100 dollars per barrel, but when," said Barclays Capital analyst Kevin Norrish. "
Once the furore has settled down, the oil market as a whole can get on the job of working out whether supply and demand dynamics mean that long-term prices should have two or three digits."
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