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Oil prices set fresh record highs Oil prices fall from record highs
(about 3 hours later)
Oil prices have set further record highs, lifted by the low dollar and continuing tensions in eastern Turkey. Oil prices have fallen in the US, as investors lock in earlier profits after crude hit record highs.
US light crude rose to $90.07 by early afternoon in Europe, beating the previous high of $90.02 seen late on Thursday in New York. But analysts say the downward trend is likely to be temporary, as the factors triggering recent highs remain, notably supply fears and the lower dollar.
Meanwhile, London's Brent was flat at $84.60, after hitting its own fresh all-time high of $84.88 on Thursday. US light sweet crude fell $1.09 to $88.37 in New York after hitting a new record of $90.07 earlier in the day.
Meanwhile, in London Brent crude fell 73 cents to $83.87, after reaching an all-time high of $84.88 on Thursday.
Oil prices have set new records in recent days in the wake of geopolitical tensions which have triggered fears that supplies could be limited.
Another factor behind the rise has been the dollar reaching a record low against the euro, and a three-week low against the yen, not helped by weak US jobs and manufacturing data on Thursday.
Dollar weakness, caused by fears over the strength of the US economy, has made oil a more attractive investment.Dollar weakness, caused by fears over the strength of the US economy, has made oil a more attractive investment.
The greenback remains near record lows against the euro, and a three-week low against the yen, not helped by weak US jobs and manufacturing data on Thursday.
This has increased expectations that the Federal Reserve will cut US interest rates further from the current 4.75% later this month.This has increased expectations that the Federal Reserve will cut US interest rates further from the current 4.75% later this month.
Turkish concernTurkish concern
The tension in eastern Turkey centres on possible military action by the Turkish army against Kurdish rebels operating from across the Iraqi border.The tension in eastern Turkey centres on possible military action by the Turkish army against Kurdish rebels operating from across the Iraqi border.
Earlier this week, the Turkish parliament approved a government plan to carry out excursions across the border, although imminent military action is not expected.Earlier this week, the Turkish parliament approved a government plan to carry out excursions across the border, although imminent military action is not expected.
Oil producers' cartel Opec has hinted that it may boost output to help reduce prices.Oil producers' cartel Opec has hinted that it may boost output to help reduce prices.
Nigerian oil minister Odein Ajumogobia said Opec leaders could now meet as early as 17 November, three weeks ahead of their next planned meeting.Nigerian oil minister Odein Ajumogobia said Opec leaders could now meet as early as 17 November, three weeks ahead of their next planned meeting.
Oil prices have quadrupled since 2002 because of strong demand from fast-growing economies such as China and India, allied to instability in oil-producing nations in the Middle East and Africa.Oil prices have quadrupled since 2002 because of strong demand from fast-growing economies such as China and India, allied to instability in oil-producing nations in the Middle East and Africa.