Another day of gains for crude oil

Crude oil prices were higher again on Monday on a falling dollar, continuing tensions between Turkey and Iraq, and worries about winter supplies.

In addition, Mexico’s state oil company, Pemex, said it would close 600,000 barrels per day of production due to storms.

West Texas Intermediate for December delivery added $1.67 to $93.53 per barrel at the close of floor trade on the New York Mercantile Exchange, while Brent crude on the ICE Futures Europe exchange in London jumped $1.63 to $90.32 per barrel.

Analysts say that prices will rise even further if the Federal Reserve cuts interest rates when it meets later this week, even though many analysts believe that oil prices will fall soon because the recent increases are not in line with fundamentals of supply and demand..

Nymex November gasoline added 5 cents to $2.33 per gallon, while December heating oil was up 3 cents to $2.48 per gallon and December natural gas jumped 17 cents to $7.97 per million British thermal units.