10/25 - New Records - Oil Hits $90.41 At Close, Futures At $90.60, New High For Brent - Bloomberg

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Oct. 25 (Bloomberg) -- Crude oil rose above $90 a barrel to a record in New York the day after a government report showed an unexpected drop in U.S. stockpiles. `It's not a question of when we'll hit $100 but how quickly,'' said Nauman Barakat, senior vice president of global energy futures at Macquarie Futures USA Inc. in New York. ``There are no bearish factors in the market right now.''

Crude-oil supplies fell 5.29 million barrels to 316.6 million, the lowest since January, according to yesterday's Energy Department report. New U.S. sanctions against Iran, warnings of a Turkish assault on Kurdish militants in Iraq and a falling dollar also pushed prices higher today.

Crude oil for December delivery rose $3.31, or 3.8 percent, to $90.41 a barrel at the 2:30 p.m. close of floor trading on the New York Mercantile Exchange. Futures climbed to $90.60, the highest since trading began in 1983. The previous record, $90.07, was touched on Oct. 19. Oil is up 47 percent from a year ago.

Brent crude oil for December settlement rose $3.08, or 3.7 percent, to $87.45 a barrel on the London-based ICE Futures Europe exchange. Brent reached $87.59, the highest since trading began in 1988.

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http://www.bloomberg.com/apps/news?pid=20602013&sid=aeB0nwJWhG2E&refer=commodity_futures