Oil Rises to Record on Concern Turkey May Attack Northern Iraq

Crude oil rose to a record near $88 a barrel on concern Turkey may attack Kurdish militants in Iraq and disrupt oil shipments.

Turkish Prime Minister Recep Tayyip Erdogan said he expects the country's parliament will tomorrow approve a possible military incursion into Iraq, holder of the world's third- largest reserves. Iraq today announced plans to sell 6 million barrels of Kirkuk crude that's shipped through a pipeline from its northern province.

``It's a strong geopolitical concern,'' said Olivier Jakob, managing director at Petromatrix GmbH in Switzerland. ``The market is pricing in some disruption,'' putting $90 a barrel ``within easy reach.''

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- Posted: 2007-10-16 10:14:27

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