KEY POINTS:
Oil prices set a new all-time high today, lifted by heightened tensions between Turkey and Kurdish rebels in northern Iraq, as well as a second wave of abductions in major oil producer Nigeria.
US light crude leapt more than half a dollar to a record US$92.43 in early electronic trade, adding to Friday's US$1.40 surge. It was trading up 52 cents at US$92.38 a barrel by midday (NZT).
London Brent crude rose 41 cents to US$89.10. It hit an all-time high of US$89.30 on Friday.
"There remain concerns that oil market conditions are tightening and geopolitical tensions are continuing to add a premium to oil prices," said David Moore, a commodities analyst at the Commonwealth Bank of Australia.
- REUTERS
