OIL RECORD
October 15th, 2007Via: Bloomberg:
Crude oil rose to a record above $85 a barrel as tensions on the Turkey-Iraq border increased concern that supplies may be threatened as global stockpiles decline.
Turkish lawmakers will vote this week on allowing military attacks within a year against Kurdish rebel bases in the north of Iraq, which has the world’s third-largest oil reserves. Global fuel inventories fell below a five-year average last month, a period when they typically rise, the International Energy Agency said Oct. 11.
Oil is “underpinned by mounting tension between Turkey and Iraq,” said Andrey Kryuchenkov, a London-based analyst at Sucden (U.K.) Ltd. “Bullish fundamentals in combination with the broad weakness in the dollar are already providing a substantial support for crude prices.”
