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Crude Oil Prices Reach Record High


Crude oil prices climbed to a record high on Monday on mounting concerns about tension in the Middle East as well as the falling dollar.

The price of crude oil for December delivery climbed above $93 per barrel, after closing Friday at $91.73.

Analysts say tension between Turkey and Kurdish militants in northern Iraq has fueled concerns that energy supplies from the Middle East could be disrupted.

Prices have also climbed on reports that Mexico's state-owned oil company, Pemex, was temporarily cutting output by as much as 600,000 barrels per day because of a storm in the Gulf of Mexico.

Analysts also say the weak U.S. dollar has been a factor in the price of energy futures. On Monday, the euro climbed above $1.44 as markets anticipated a likely interest rate cut by the U.S. Federal Reserve this week.

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