Crude prices continue to reach record highs

| Wednesday, October 17, 2007

Oil prices have set yet another record this week, this time topping $88 dollars a barrel.

Light, sweet crude shot up to $88.20 a barrel in trading on the New York Mercantile Exchange on Tuesday, before falling back down to $87.41 early Wednesday.

Oil prices have gained nearly $4 in trading since Monday.

Analysts are blaming this recent trend on escalating tensions between Turkey and Kurdish rebels in northern Iraq.

Fears that an attack on the rebels by Turkey could further disrupt the already dicey supplies in the region have sent oil prices skyrocketing.

Though the numbers are high, they are still short of the all-time record high for oil prices set in 1980. When adjusted for inflation, prices that year topped $95 a barrel in today’s money.

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