Oil price hits a record $87

Oil prices hit new records in the middle of the night reinforced fears of a potential incursion into Turkish oil-rich northern Iraq to attack Kurdish rebels.New York, the largest futures contract on oil, in light sweet crude for delivery in November, has closed above $ US87 per Baril for the first time after hitting a record $ US88.20 intraday trading. The benchmark New York contract gained $ US1.48 to settle at a record $ US87.61. On Monday, it has jumped more than $ US2 a barrel. In London, Brent crude from the North Sea for November advanced $ US1.41 to settle at $ US84.16, after earlier hitting a high of $ US84.49 during the session. Les prix du pétrole ont grimpé à mesure que les investisseurs obsédé par la Turquie, où le Parlement devrait approuver une proposition du gouvernement de permettre à des raids transfrontaliers en Iraq pour un an, afin d'extirper le Parti des travailleurs du Kurdistan (PKK) . "Much of the gains can be tied to the escalating tensions between T! urkey and Kurdish rebels, which has added an important geopolitical risk premium in prices over the past few negotiating sessions," said Michael Fitzpatrick, MF an analyst at Global. The PKK, considered a terrorist group by Turkey and a large part of the international community, has been fighting for self-rule in the Kurdish southeast of Turkey since 1984. The potential for a military conflict had the advantage on the oil market. "This raises concerns of such an action would be dangerous, and possibly disrupting northern Iraqi oil or stream passes through the Baku-Ceyhan pipeline through Turkey. If further escalation of geopolitical tensions, prices have the capacity to test 90 dollars this week, "said Fitzpatrick. Many of Iraq's largest oil fields are located in the north of the troubled country. "The tensions in Turkey, which are the main driving force here," said Nas Nijjar, a trader at CMC Markets. "We now have potential (supply) at the top of the problems going into th! e winter." Prices are also supported by concerns about potenti! ally ten se global energy supplies, particularly during the upcoming northern hemisphere winter, when the demand for heating fuel reaches a peak. "Brut futures surged higher (Tuesday), reaching fresh record highs in London and New York, hedge funds and continues to buy, amid persistent geopolitical and supply worries," said Michael Davies, Sucden analyst. OPEC Chief Abdalla Salem El-Badri said the cartel was "concerned" at the price spike, but argued that current levels do not reflect the true state of supply and demand in the market. The Organization of Petroleum Exporting Countries "is closely watching developments in the oil market and expressed concern at the recent escalation in oil prices," OPEC chief El Badri said. "While (OPEC) is not conducive to oil prices at this level, he is firmly convinced that the fundamentals are not supporting current higher prices and the market is very well supplied," he said. Dealers were afraid Monday when OPEC reduced its fourth quarter, non-OPE! C production prospects 110000 barrels per day. According to OPEC, Iraq produced around 2.0 masses barrels of crude oil per day in August. Before April 2003, it pumped about 2.8 million Visa Giftcard bpd.news.com.au
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