Crude-oil futures once again hit a new record of $89 during intraday trading today. The commodity has incessantly been touching new highs lately, as supply concerns, weather, and tension between Turkey and Kurdish rebels continues.
Today's reports indicate that the Turkish parliament has officially authorized its military to cross the northern Iraqi border to seek Kurdish rebels. The new data doesn't sit well with the oil market, as the Middle Eastern conflict could shut down the Ceyhan oil pipeline.
The Energy Department today announced that crude supplies rose 100,000 barrels more than than analysts expected, gaining 1.8 million barrels to 321.9 million barrels for the week ended October 12. The report also indicated that motor gasoline inventories rose by 2.8 million barrels to 195.8 million barrels, while distillate supplies gained a million barrels to hit 136.3 million barrels.
Some analysts predict the black gold could hit $100 a barrel by the end of this year. Though the gas pumps haven't seen a dramatic impact, a spokesman for AAA says it's only a matter of time.
Crude was last up 75 cents at $88.36.