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Friday October 19, 12:40 PM Oil prices pass record 90 dlrs amid supply, geopolitical fears New York crude oil prices surpassed a record 90 dollars a barrel in after-hours trading Thursday as Iraq urged Turkey not to take military action against Kurdish rebels located in northern Iraq. Traders said oil prices were also stoked higher by a weakening US dollar and global supply jitters. "The issue seems no longer to be whether oil will reach 100 dollars per barrel, but when," said Barclays Capital analyst Kevin Norrish. The price gains in after-hours trading came after New York's main oil futures contract, light sweet crude for delivery in November, had jumped 2.07 dollars to a record close of 89.47 dollars a barrel. In electronic trade after the market close, the benchmark contract spiked to an all-time high of 90.02 dollars. London prices also pushed higher in after-hours trading, as Brent North Sea crude for December delivery soared to 84.88 dollars after the contract had earlier settled 1.47 dollars higher at 84.60 dollars. Oil prices have gained this week amid geopolitical angst, related to fears over a potential conflict affecting Turkey's boder with Iraq, and a weakening dollar. The dollar's decline has made dollar-priced commodities, such as oil, cheaper for buyers holding stronger currencies. Traders said speculators have also jumped into the market, adding to the price frenzy. The euro earlier hit a record high of 1.4310 dollars Thursday. Turkey said Thursday it would pursue diplomacy to defuse a crisis over Kurdish rebels in northern Iraq as Baghdad made fresh appeals to dissuade its neighbor from possible military action. The Turkish parliament Wednesday approved a motion authorizing military strikes for a one-year period against the Kurdistan Workers' Party (PKK), which is accused of using bases in northern Iraq for attacks on targets across the border in Turkey. Many of Iraq's major oil fields are located in the north of the country. "Once the furor has settled down, the oil market as a whole can get on the job of working out whether supply and demand dynamics mean that long-term prices should have two or three digits." But, Alaron Trading analyst Phil Flynn predicted prices could go even higher. "The next target should be roughly four dollars above that level, somewhere around 93 dollars a barrel," he said. "It