Oil jumps above $88 despite big supply rise

Chemical News: Oil jumps above $88 despite big supply rise

https://www.chemnet.com Oct 18,2007 Xinhua
NEW YORK, Oct. 17 (Xinhua) -- Oil marched to a new all-time high near 89 dollars a barrel on Wednesday as investors fretted over possible military action in northern Iraq and a potential supply crunch this winter.

Turkey's parliament granted its troops permission on Wednesday to launch an attack inside Iraqi territory, despite international pressure, according to a CNBC website report.

The tensions are seen as dimming hopes for a recovery in Iraqi oil exports via Turkey, which have been sporadic since 2003, but traders say the greater fear is the risk of unsettling the Middle East region, which pumps a third of the world's oil.

U.S. light, sweet crude for November delivery entered a seventh day of gains, rising more than 1 dollar to trade at 88.75 dollars before pulling back to 88.59 dollars at 11:31 a.m. EDT (1531 GMT).

Print | add to Favorites | Close