By Xinhua
New York : Oil prices marched to a new all-time high of $88 dollars a barrel Wednesday as investors fretted over possible military action in northern Iraq and a potential supply crunch this winter.
The tensions are seen as dimming hopes for a recovery in Iraqi oil exports via Turkey that have been sporadic since 2003. But traders say the greater fear is the risk of unsettling the Middle East region, which pumps a third of the world’s oil.
US light, sweet crude for November delivery entered a seventh day of gains, rising more than $1 dollar to trade at $88.75 dollars before pulling back to $88.59 a barel.
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