Crude oil rose above $88 a barrel in New York as the dollar declined to a record low against the euro, enhancing the appeal of commodities as an investment.
Investors purchased oil on speculation the Federal Reserve will cut borrowing costs to bolster the U.S. economy. Oil reached records the past four days on concern Turkey will use military force against Kurdish rebels in northern Iraq, a step that the U.S. says may damage Iraqi security and disrupt oil supplies.
The prices of gold and silver also rose. December gold futures rose $6.40, or 0.8 percent, to $768.70 an ounce on the Comex division of the NYMEX — the highest closing price for a most- active contract since Jan. 22, 1980