Wikinews.org - Oil has risen to a new all-time record high during trading in Asia, passing US$91.10 at 10:23 p.m. (eastern time). At 10:28 p.m. NYMEX Crude Futures were down slightly to US$90.93, according to Bloomberg.

The raise come when the United States announced that it had an "unexpected loss" in the nation's stockpile of oil. The fear that Turkey may launch a large scale attack on Kurdish Militants inside Iraq is also being blamed for the raise in prices.

Australia's Commonwealth Banks states that the raise is "being supported by an increase in geopolitical tensions and also market developments. The US has announced that it is imposing new sanctions on Iran, Oil markets also continued to have an eye on developments related to the current tensions between Turkey and Kurd rebels in Iraq."

OPEC has agreed that by November 1, 2007, they will increase the amount of barrels of oil they produce by 500,000 barrels a day. The U.S. says that they would like that number increased.