Oil Prices Pause after Hitting $90

 World oil prices hovered after smashing through a record high 90 dollars per barrel amid frazzled tensions between Turkey and crude producer Iraq, traders said Friday.

New York's main futures contract, light sweet crude for delivery in November, firmed two cents to 89.49 dollars, after hitting an historic 90.02 dollars in electronic trade after the market close on Thursday.

Elsewhere, London's Brent North Sea crude for December delivery eased 15 cents to 84.45 dollars per barrel.

The contract had soared Thursday to an all-time pinnacle of 84.88 dollars.

This week, red hot crude prices have blazed a record-breaking trail as Turkey has moved closer towards a military incursion into northern Iraq -- where many of the troubled country's largest oil fields are based.

Iraq's autonomous Kurds vowed Friday to fight off any attack on their region, as Turkey mulled a crack down on Kurdish rebels.

The oil market has also been stoked by global supply jitters and a falling US dollar -- which makes commodities priced in the US unit cheaper to buyers using stronger currencies and therefore boosts crude demand.

In Friday morning trade, the European single currency hit a fresh record high at 1.4319 dollars.

Source: AFP

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