Crude oil closes at record high of $89.47 a barrel [View All]

Source: CBSMarketwatch

NEW YORK (MarketWatch) -- Crude-oil futures closed at another record high of $89.47 a barrel Thursday, boosted by a weaker dollar and concerns over the possibility of disruptions to Iraqi oil production. Crude for November delivery finished up $2.07 at $89.47 a barrel, after reaching a new all-time trading high of $89.78. The dollar sank to new historical lows against the euro after a jump in weekly jobless claims and as Bank of America's disappointing third-quarter results revived concerns about the impact of the credit crisis. Traders also eyed Northern Iraq, after the Turkish parliament on Wednesday authorized military incursions to hunt down Kurdish rebels.

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