Oil Prices Remain Above $87 |
| Wall Street Journal - Oct 18, 2007 |
Oil prices rose in Asia Thursday on inventory outlooks and worries over a possible attack by Turkey on Kurdish rebels in northern Iraq.
Light, sweet crude for November delivery rose 40 cents to $87.80 a barrel in Asian electronic trading on the New York Mercantile Exchange by late afternoon in Singapore. The Nymex crude contract lost 21 cents to settle at $87.40 a barrel Wednesday in the U.S. after trading at a record $89 a barrel.
Traders continue to worry that tension between Turkey and Iraq could disrupt deliveries of Iraqi oil, which is piped to the Turkish export terminal of Ceyhan. While exports of crude from Kirkuk to Ceyhan have been sporadic since the U.S.-led invasion of Iraq in 2003, oil has been flowing the past two months, and in recent days was being shipped at a rate of about 500,000 barrels a day, according to Dow Jones Newswires.
Read Full Article from Wall Street Journal
- Posted: 2007-10-18 10:42:13
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