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July 25, 2008 5:04:26 PM CDT

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Oil Hits $90 a Barrel

Posted Oct 19, 07 6:57 AM CDT in Business 

(Newser) – After five straight days of record-breaking, oil prices smashed the $90-a-barrel mark in after-hours trading overnight, pumped up by the weakening dollar and fears that Turkish military strikes across the border in Iraq could disrupt supplies. Investors pushed the price of light, sweet crude to $90.02 before it fell back to $89.44 by midafternoon today in Singapore.

"The weak dollar is pushing the price higher,'' an energy expert told Bloomberg. "It's hard to see how this is going to turn around quickly.'' The dollar fell to 1.4302 against the Euro today. OPEC agreed last month to increase oil production by an extra 500,000 barrels a day starting November 1, but experts warn not to expect much relief from that move. "Additional output from OPEC won't affect the market that's reacting to non-fundamental factors," says Indonesia's OPEC governor.

Sources Bloomberg, Associated Press

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Crude oil futures traders work on the floor of the New York Mercantile Exchange. (AP Photo/Mary Altaffer)   (Associated Press)
Oil is pumped from a well in front of a natural gas flame in the desert area of Sakhir, Bahrain. (AP Photo/Hasan Jamali)   (Associated Press)
Angel Gonzalez, a gas attendant at a station in North Brunswick, N.J., pumps gas at the station. (AP Photo/Mike Derer)   (Associated Press)
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