The New Nation - Internet Edition

Reuters, New York

Oil prices shot to an all-time high above $92 a barrel on Friday as the tumbling dollar and Nigerian output disruptions helped extend a rally that has lifted prices nearly 30 percent since August.

Worries that supplies may come up short ahead of the Northern Hemisphere winter have fueled the rise, drawing a fresh wave of speculative money from investors. US crude settled up $1.40 at $91.86 a barrel, off the record $92.22 struck during electronic trading earlier.

Oil was closing in on its inflation-adjusted high of $101.70 seen over the course of April 1980, a year after the Iranian revolution and at the start of the Iran-Iraq war. London Brent gained $1.21 to $88.69 a barrel. "Fresh highs are now attracting fresh buying, especially following yesterday's violation of the futures highs just above the $90 level," said Jim Ritterbusch, president of Ritterbusch & Associates in Galena, Illinois.