Crude oil for December delivery climbed to a record $98 a barrel in after hours trading Wednesday, adding to strong gains in the previous session that saw the energy contract into record territory Tuesday.

During Tuesday's session the front-month crude oil contract closed at a record $96.70 a barrel and touched an intraday all-time high of $97.10, after forecasts showed U.S. crude inventories may fall for a third week and as the dollar fell to a new low against the euro. There's been broad-based selling of the U.S. dollar in the last 24 hours, said Greg Gibbs, ABN Amro's director of foreign exchange strategy in Sydney.