Tuesday, December 18, 2007

Crude Oil Rises After Report That Turkish Troops Entered Iraq

Crude oil rose after reports of an incursion by Turkish troops into northern Iraq.

About 300 Turkish troops entered northern Iraq during the night, Sky News said, citing Iraqi military officials. No clashes were reported, Sky said.

Crude oil for January delivery rose as much as 78 cents, or 0.9 percent, to $91.41 a barrel in electronic trading on the New York Mercantile Exchange. The contract traded at $91.36 at 8:44 a.m. in London.

Brent crude oil for February settlement was up 67 cents at $91.90 a barrel on London's ICE Futures Europe exchange.

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