Crude prices reach record high on worries about declining oil inventories, OPEC says production by non-member countries may fall; Turkey-Iraq tension.
With the news the Dow is down aobut 1% so far today, and doesn't appear to see a late rally.
The price for light sweet crude settled at a record $86.13 a barrel, up $2.44 from Friday's $83.69.
Prices were also supported by concerns Turkish forces will pursue Kurdish rebels into Iraq, disrupting oil supplies, and by technical buying by investment funds.
Monday's intra-day high was $86.20 a barrel, breaking Friday's peak of $84.05.
Despite the Organization of Petroleum Exporting Countries' decision last month to boost its production by 500,000 barrels per day beginning next month, the rest of the world will likely produce 110,000 fewer barrels of oil per day than expected in the fourth quarter, OPEC said in a report.
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