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Turkey's Threats Send Oil to Record High Near $88

Posted Oct 16, 07 8:32 AM CDT in World,  Business 

(Newser) – Crude oil hit yet another record today, trading near $88 a barrel over fears that a looming Turkish attack on Northern Iraq would disrupt pipelines in the world’s third-largest oil producer. Turkey’s PM said he expected parliament to approve an incursion to root out PKK militants in the Kurdish region, through which Iraq ships most of its crude.

A Sept. 18 attack on the pipeline dropped Iraq’s production last month by 100,000 barrels per day. “It's a strong geopolitical concern,” an analyst told Bloomberg. “The market is pricing in some disruption.” Oil is already up $3 this week, a necessary price hike, OPEC says, given the dollar’s decline. OPEC sells in dollars, but buys many goods in euros.

Source Bloomberg

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Iraq  • oil price  • Turkey  • crude oil  • OPEC  • Kurdish Militants  • Iraq oil


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