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Oil prices pass record $90 amid supply, geopolitical fears

NEW YORK, Oct 18, 2007 (AFP) - New York crude oil prices surpassed a record 90 dollars a barrel in after-hours trading Thursday as Iraq urged Turkey not to take military action against Kurdish rebels located in northern Iraq.
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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 100 dollars per barrel, but when," said Barclays Capital analyst Kevin Norrish.

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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 2.07 dollars to a record close of 89.

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47 dollars a barrel.

In electronic trade after the market close, the benchmark contract spiked to an all-time high of 90.

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02 dollars.

London prices also pushed higher in after-hours trading, as Brent North Sea crude for December delivery soared to 84.

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88 dollars after the contract had earlier settled 1.47 dollars higher at 84.60 dollars.

Oil prices have gained this week amid geopolitical angst, related to fears over a potential conflict affecting Turkey's boder with Iraq, and a weakening dollar.



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The dollar's decline has made dollar-priced commodities, such as oil, che

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