Crude oil futures jumped to new record high Thursday as market concerned that Iraqi exports might drop further because of clashes in southern Iraq between US troops and fighters loyal to Shiite Muslim cleric Moqtada al-Sadr.

On the New York Mercantile Exchange, crude oil for September delivery rose 1.43 dollars to close at 48.70 dollars a barrel, a record closing price. Meanwhile, at London's International Petroleum Exchange, the October Brent crude-oil futures contract climbed 1.30 dollars to close at 44.33 dollars a barrel.

In the past several sessions, crude oil prices surged to record highs over several international concerns. The military clashes in southern Iraq made the market believe that disruptions to Iraqi pipeline shipments might further cut the country's exports.

In addition to Iraqi situation, US Energy Department also said that US crude oil stockpiles fell by 1.3 million barrels in the week ended Friday.

"The oil price is firmly in the danger zone," Stephen Roach, chief economist at Morgan Stanley in New York, wrote in a note to clients. He believed that should prices reach 50 dollars a barrel and stay there for several months, it would bring serious consequences.