Oil resumed its upward march on Thursday, its sights set on a new record high above $89 that would deepen economic worries in the United States and unease among some OPEC producers.
Gold rebounded on Thursday as bargain hunters returned to the market amid worries about possible military action by Turkey in northern Iraq, high oil prices as well as a weak dollar.
Oil eased towards $87 on Thursday after Nigeria's energy minister raised the possibility OPEC may review output, reflecting its unease with record prices the United States says are of great concern to its economy.
Russian President Vladimir Putin criticized the U.S.-led war in Iraq on Thursday, saying that experience showed the need for resource-rich countries like Russia to build up their armed forces to defend themselves.
Turkey's parliament resoundingly approved a motion on Wednesday allowing troops to cross into northern Iraq to hunt down Kurdish rebels there, but its Western allies and Baghdad urged Ankara to refrain from military action.
Oil prices touched a new peak of $89 a barrel on Wednesday as investors fretted over possible military action by Turkey in northern Iraq and a potential supply crunch this winter.
Technology stocks rose on Wednesday as investors took heart from solid corporate earnings and shrugged off fresh evidence of a dismal housing sector, which renewed speculation the Fed will cut interest rates.
Having angered Queen Elizabeth and the public, Britain's BBC is set to shed staff with sweeping job cuts this week in the biggest crisis to hit the world-renowned broadcaster since a government clash over Iraq.
Turkey's parliament was poised on Wednesday to grant its army permission to enter northern Iraq to crush Kurdish separatist rebels based there, but Iraqi leaders stepped up a diplomatic offensive to avert any attack.
Oil prices dipped on Wednesday as traders took profits from the previous session's rally to a new record high above $88 a barrel.
Iraq urged Turkey on Tuesday not to launch a major attack on Kurdish separatists in northern Iraq after Prime Minister Tayyip Erdogan said Ankara would strike the rebels when the timing and conditions were right.
Poor corporate earnings and renewed worries about credit rattled investors on Tuesday, while record high oil prices threatened to add pressure to world growth.
Oil thundered towards $88 a barrel on Tuesday, hitting a new record and extending a rally that has added eight dollars in as many days on tight supplies, strong demand and tension in northern Iraq.
Oil jumped nearly 3 percent to a record over $86 a barrel on Monday as fresh tensions in the Middle East added to worries of a supply crunch when cold weather stokes up heating demand this winter. Oil prices have more than quadrupled since 2002 but remain below the inflation adjusted peak of around $90 a barrel struck after the Iranian revolution of 1979.
World stocks hovered slightly off their record highs on Monday and the dollar firmed as investors gained confidence in the health of the U.S. economy and paid little heed to oil prices near $84 a barrel.
Oil zoomed to a new record high above $85 a barrel on Monday as a robust demand picture amid booming commodity markets and fresh geopolitical worries put tight oil supplies into sharp focus.
Asian stocks pared early gains on Monday, pausing after their recent rally, while the dollar held firm as strong U.S. retail sales data prompted investors to trim bets of further U.S. interest rate cut.
Prime Minister Tayyip Erdogan said on Friday relations between Turkey and the United States are in danger over a resolution branding as genocide massacres of Armenians by Ottoman Turks during World War One.
Oil moved back above $83 a barrel on Friday, within sight of all-time highs, on mounting tensions between Turkey and northern Iraq.
They won the prize for their part in galvanizing international action against global warming before it 'moves beyond man's control'.
Turkish PM to ask approval for Iraq iTurkey's prime minister will ask parliament next week to authorize a military push into north Iraq to fight Kurdish rebels amid Turkish anger on Thursday at a U.S. vote branding Ottoman Turk killings of Armenians genocide.
Turkey warned on Thursday that relations with its NATO ally the United States would be harmed by a U.S. House committee's approval of a resolution calling the 1915 massacres of Armenians by Ottoman Turks genocide.
