Oil prices rally as Turkey bombs Kurds in Iraq
The price of oil climbed back above $113 in reaction to news that Turkish planes bombed Kurdish rebel hideouts in oil-rich Iraq overnight, analysts said.
By PTI |
LONDON: The price of oil climbed back above $113 on Friday in reaction to news that Turkish planes bombed Kurdish rebel hideouts in oil-rich Iraq overnight, analysts said.
Prices were rising at the end of a volatile week in which crude struck a record high of almost USD 120 before sliding on profit-taking.
Today, New York's main oil futures contract, light sweet crude for June delivery, rose 59 cents to $113.12 per barrel. New York crude had struck a record high USD 119.93 on Monday.
London's Brent North Sea crude for June gained 70 cents to $111.20. The contract had hit an all-time peak of 117.56 per barrel on April 25.
Oil futures advanced on Friday "as news broke that Turkey has launched air strikes in north Iraq," said Sucden analyst Michael Davies.
The Turkish military confirmed today that its warplanes bombed Kurdish rebel targets in northern Iraq overnight, in the latest air strike in the region since December.
Unrest in oil-producing countries such as Iraq, Iran and Nigeria has been a major support for crude prices in recent months.
The past week, meanwhile, has been a roller-coaster ride. Yesterday, prices slipped to $111 after a strike ended in key crude producer Nigeria and as the US currency continued to strengthen.
The dollar fell to a record low of 1.6019 to the euro on April 22 but has since recovered, changing hands at around $1.55.
Prices were rising at the end of a volatile week in which crude struck a record high of almost USD 120 before sliding on profit-taking.
Today, New York's main oil futures contract, light sweet crude for June delivery, rose 59 cents to $113.12 per barrel. New York crude had struck a record high USD 119.93 on Monday.
London's Brent North Sea crude for June gained 70 cents to $111.20. The contract had hit an all-time peak of 117.56 per barrel on April 25.
Oil futures advanced on Friday "as news broke that Turkey has launched air strikes in north Iraq," said Sucden analyst Michael Davies.
The Turkish military confirmed today that its warplanes bombed Kurdish rebel targets in northern Iraq overnight, in the latest air strike in the region since December.
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Unrest in oil-producing countries such as Iraq, Iran and Nigeria has been a major support for crude prices in recent months.
The past week, meanwhile, has been a roller-coaster ride. Yesterday, prices slipped to $111 after a strike ended in key crude producer Nigeria and as the US currency continued to strengthen.
The dollar fell to a record low of 1.6019 to the euro on April 22 but has since recovered, changing hands at around $1.55.
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