WTI hits new record, ends 61 cents higher

West Texas Intermediate crude for November delivery hit a new high of $84.05 per barrel during the session Friday on the New York Mercantile Exchange before pulling back to $83.69 per barrel, a gain of 61 cents, while Brent crude ended the session 44 cents higher to $80.21 per barrel after going as high as $80.50 per barrel earlier in the day on the Intercontinental Exchange in London.

The gains came on concerns about the situation along the border between Turkey and Kurd-controlled Northern Iraq, where Turks are upset about Kurdish attacks on Turkish troops and about a vote in the US Congress that called the deaths of Armenians early in the 20th century a genocide.

Much of Iraq’s oil productions is located in the northern part of the country.

There are also worries about winter oil supplies, which some fear could fall short of demand.

Nymex November gasoline added 2 cents to $2.09 per gallon, while December heating oil traded even at $2.27 per gallon.

Natural gas for November delivery jumped 10 cents to $6.97 per million British thermal units.