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Crude oil for November delivery rose $1.43, or 1.7 percent, to $87.56 a barrel at the 2:30 p.m. close of floor trading on the New York Mercantile Exchange. Futures reached $88.20, the highest since the contract was introduced in 1983. This is the sixth straight daily gain. Prices are up 46 percent from a year ago. ``Once the invasion occurs, prices will probably fall because the oil fields are well south of the mountains on the Turkish border,'' said Lynch.
Yesterday, prices passed the previous all-time inflation- adjusted record reached in 1981 when Iran cut oil exports. The cost of oil used by U.S. refiners averaged $37.48 a barrel in March 1981, according to the Energy Department, or $84.73 in today's dollars.
Brent crude oil for November settlement rose $1.44, or 1.7 percent, to $84.19 a barrel on the London-based ICE Futures Europe exchange. Brent reached $84.49, the highest since the contract was introduced in 1988.
Iraq's exports fell 100,000 barrels a day last month to 1.68 million barrels a day, after a Sept. 18 assault on a link from Kirkuk oil fields. The country's oil-rich northern region is controlled by a semi-autonomous Kurdish administration. Kirkuk is about 100 miles (161 kilometers) from the Turkish border.
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http://www.bloomberg.com/apps/news?pid=20601207&sid=asGKQvwCcvns&refer=energy