17/12/2007

Oil remains unchanged


WorldWatch crude up-date has noticed that oil was little changed this morning following a $3.00 slide over two days, as Northen hemisphere winter storm and Turkish bombing of Kurdish rebels in northern Iraq countered concerns about a weaker world economy.
US light, sweet crude for January delivery which expires tomorrow, is at $91.25 a barrel. London Brent crude is $91.81 a barrel.
A snowstorm heading into New England lent support to prices, as traders factored in higher household use in the top heating oil consuming region. The storm brought snow, freezing rain and high winds to the US Northeast at the weekend.
Turkish warplanes targetting Kurdish rebels bombed northern Iraq yesterday, while up to 100,000 Turkish troops were near the Iraqi border, threatening a major operation that analysts feared could destablise the region.
Analysts have said the action is not likely to affect oil shipments through Iraq's northern pipeline to the Turkish coast, which has only operated sporadically since the 2003 war, but fear it could further unsettle the rest of the oil-rich Middle East.

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