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Oil Prices Up on Turkish Invasion of Iraq
February 22, 2008
Oil prices extended their rise above $98 a barrel today amid worries about supplies as Turkish troops pursued separatist Kurdish rebels into northern Iraq.
The maneuvers raised concerns that about a wider conflict with the U.S.-backed Iraqi Kurds.
The rebound in prices followed a decline Thursday as a U.S. government report showed that domestic crude inventories rose last week.
Light, sweet crude for April delivery on the New York Mercantile Exchange rose 53 cents to $98.76 a barrel in electronic trading by the Friday afternoon in Europe. The contract fell $1.47 on Thursday to settle at $98.23 a barrel.
Earlier Friday, the April contract traded as low as $97.16 before traders began buying back into the market in expectation of further gains in the coming weeks.
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