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Oil leaps to record over $93

LONDON - Oil leapt to a record high for a third day, surpassing $93 as Mexico briefly halted one-fifth of its production and the dollar struck new lows, according to Reuters.

U.S. crude hit a high of $93.20 a barrel. Oil prices have soared by more than a third since mid-August as a stand-off between Turkey and Kurdish rebels, dollar weakness, easing interest rates and winter supply fears attracted a fresh wave of investment capital.

Prices rose on Monday after Mexico's state-owned oil company Pemex said it was shutting about 600,000 barrels per day (bpd) of oil output due to bad weather in the Gulf of Mexico.

Posted by Peter C. T. Elsworth  at 9:53 AM to Crude oil market | Permalink

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