Tuesday, October 16, 2007

Oil futures highest ever - related to Turkey

Oil futures rose above $88 a barrel in New York trading today, their highest level ever, because of unrest in the Middle East.

This week’s surge is being fueled by the threat of a Turkish military incursion in northern Iraq. The sudden tensions in a highly volatile region gave rise to fresh concerns about further instability in the oil-rich Middle East. Iraq is the third-largest holder of known oil reserves, after Saudi Arabia and Iran. Turkey is a key passage for oil exports from Iraq and the Caspian Sea.

Article in New York Times

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