Oil hits new record high on rising tensions between Turkey and the PKK

[sabra]

Source: Forbes

LONDON (Thomson Financial) - Oil surged to a new record high in New York following reports of increasing tensions between Turkey and the Kurdish rebels in northern Iraq who reside near some of the world's largest crude oil pipelines.

Turkish Prime Minister Recep Tayyip Erdogan said earlier he was ready to 'act' against Kurdish bases in northern Iraq despite international pressure against any such incursion.

Meanwhile, the autonomous Kurdish regional government in northern Iraq has warned Turkey against making good its threat to mount a cross-border incursion to flush out the rebel Kurdistan Workers' Party (PKK).

Iraq has the world's third-largest oil reserves, many of which are located in the north of the country, the same place where it is suspected the PKK has its bases.

'The reason the market is strong is concerns over increasing tensions between Turkey and the Kurds. There's a strong possibility if we close above 84 usd this market could go higher yet,' said Alaron trading analyst Phil Flynn

Read more: http://www.forbes.com/markets/feeds/afx/2007/10/12/afx4215059.html

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[dipsydoodle]

1. Well there's a surprise

Who knows you might even finish paying what we now pay in the UK which is round figures is $10 a gallon. The moral of course is to manufacture and drive cars which are more economic on fuel or better still just don't drive.

[MrCoffee]

2. how much higher when Turkey invades Iraq?

100/bbl? 120?

[ProudDad]

8. Hell, wait till the USAmerican Empire attacks Iran... (N/T)

[Javaman]

3. Do I hear $100? anyone anyone? nt

[sabra]

4. I remember when reports said $70 was the highest it would go...

[Javaman]

6. Those were the optimists. LOL nt

[Strelnikov_]

7. $100/bbl? Geologic, next year

Political, next month?

Moronic foreign policy, priceless, literally.

[Acadia Blue]

5. Bush is really helping the "haves and have more." So corrupt.

[Solar_Power]

9. It's so easy to manipulate oil prices

Nigerian rent-a-rebels

Chavez's war claims

BP's constant "broken pipes"

I wish I had a product that I like this. Just say something ridiculous and increase the price of my product by 10%.