New York crude oil prices rocketed to record highs Monday after OPEC said crude production by non-member countries is likely falling even as global demand for oil is rising.

Prices were also supported by concerns that Turkish forces will chase Kurdish rebels into Iraq, disrupting oil supplies, and by technical buying by investment funds.

Light, sweet crude for November delivery jumped 2.44 U.S. dollars to settle at a record 86.13 dollars a barrel on the New York Mercantile Exchange after rising as high as 86.22 dollars, a record trading price.