Crude oil closes at record high of $89.47 a barrel

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.

Read more: http://www.marketwatch.com/news/story/crude-oil-futures-close-record-high-8947/story.aspx?guid=%7B7E116938%2DBB74%2D4C9D%2DA10C%2D8F1BB52E9907%7D&siteid=bnb

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Mission Accomplished!

I have a feeling it has only begun to rise. I'll spare my novel sized post. But it's not without difficulty. I will say this- new world order.

I had forgotten about $25 a barrel.

Welcome to DU. :hi:

Exxon and the other oil companies will make 250 BILLION in profits this year

This is why?