Oil prices soar

Oil prices surged above $93 a barrel today as political tensions in the Middle East and a weak US dollar saw the cost of crude soar to new trading highs.

Light, sweet crude for December delivery touched $93.19 a barrel in overnight trading on the New York Mercantile Exchange, setting a new intraday record before slipping back to $93.13.

Further weakness in the US dollar and a sharp escalation in fighting between Turkey and Kurdish rebels in the Middle East added to further concerns over the supply outlook.

The new high comes after prices rocketed on Friday when the head of the Opec oil cartel reportedly said there were no plans to boost production levels by 500,000 a day.