From the department of I-like-listening- to-Faith-No-More:
Crude oil breached $90 a barrel in New York for the first time as the dollar traded near a record low against the euro, enhancing the appeal of commodities as an investment.The move between $80 and $90 is too fast for my liking. I think there's some speculative activity going on in addition to supply issues and geopolitical annoyances.
Investors purchased oil on speculation the Federal Reserve will cut borrowing costs to bolster the U.S. economy when policy makers meet on Oct. 31. Oil futures set records the past four days on concern supplies from northern Iraq may be disrupted if Turkey takes military action against Kurdish rebels.
``The weak dollar is pushing the price higher,'' said Simon Wardell, energy research manager with Global Insight Inc. in London. ``It's hard to see how this is going to turn around quickly.''