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Oil prices are off to a strong start this week, as traders are pushing prices higher in reaction to multiple concerns stemming out of the Middle East.

The first factor that is weighing on traders mind's is the Turkish invasion to Iraq. Tension between Turkey and the Kurds in Northern Iraq is nothing new to the area (and violence between the two goes all the way back to 1984), but the current activity is the first confirmed operation by Turkey since the United States began its Iraqi campaign in 2003.

Over the weekend, Turkey announced that one of its helicopters had gone down in Northern Iraq, killing 8 Turkish soldiers. In reaction to that news, Turkey stepped up its force by firing in excess of 40 salvos of artillery into the territory.

Continue reading Middle Eastern tensions push oil higher

Middle Eastern tensions push oil higher originally appeared on BloggingStocks on Mon, 25 Feb 2008 09:21:00 EST. Please see our terms for use of feeds.

Read | Permalink | Email this | Comments]]>inthenewsIranIraqKurdsMahmoud AhmadinejadMahmoudAhmadinejadMiddle EastMiddleEastoiloil pricesOilPricesTurkeyMon, 25 Feb 2008 09:21:00 EST<![CDATA[Turkey/PKK dispute contributes to oil's push higher]]>http://www.bloggingstocks.com/2007/10/28/turkey-pkk-dispute-contributes-to-oils-push-higher/http://www.bloggingstocks.com/2007/10/28/turkey-pkk-dispute-contributes-to-oils-push-higher/http://www.bloggingstocks.com/2007/10/28/turkey-pkk-dispute-contributes-to-oils-push-higher/#commentsFiled under: , , , , , , , , , , , ,

Oil Update: Oil is now above $90 per barrel. This latest push higher by oil was blamed, for the most part, on tensions between Turkey and Kurdish Workers Party (PKK) rebels seeking Kurdish independence, which threatens to disrupt oil transport in northern Iraq. Crude oil reached new nominal high Friday of $92.22, although in real terms the price is still below oil's inflation-adjusted high of $101.70 set in April 1980 during the Iran hostage crisis.

Here's a snapshot of crude oil market conditions using three analytical frameworks, or measuring sticks, if you will, with a note on several intangibles:

Geopolitical: Add the Turkey/Kurd dispute to Iran (nuclear technology/weapons) and the Iraq War ,to confrontations and military actions that are adding a "war premium" to the price of oil. Depending on the analyst, that war premium has inflated crude oil's price by $10-$25 per barrel. Political unrest in Nigeria and a hawkish stance in Venezuela also items on analysts' radar screens.

Continue reading Turkey/PKK dispute contributes to oil's push higher

Turkey/PKK dispute contributes to oil's push higher originally appeared on BloggingStocks on Sun, 28 Oct 2007 15:40:00 EST. Please see our terms for use of feeds.

Permalink | Email this | Comments]]>Chinacrude oilgasoline pricesheating oilinthenewsIranIraq WarKurdsNigeriaoil pricesOPECPKKspeculationTurkeyU.S. dollarVenezuelaSun, 28 Oct 2007 15:40:00 EST<![CDATA[Oil rises to yet new highs]]>http://www.bloggingstocks.com/2007/10/17/oil-rises-to-yet-new-highs/http://www.bloggingstocks.com/2007/10/17/oil-rises-to-yet-new-highs/http://www.bloggingstocks.com/2007/10/17/oil-rises-to-yet-new-highs/#commentsFiled under: , , , , ,

Oil prices have continued to move higher today, with prices hitting a new record earlier today of $89.00 a barrel before cooling off slightly. Oil is now trading up $0.56 at $88.17.

We took a look at oil yesterday, and noted that the past few sessions' prices have been fueled by tension in the Middle East, and that is once again driving the market today. The recent turmoil between Turkey and the Kurds in northern Iraq have spurred concerns that any further escalation between the two would lead to supply disruptions from the area.

Earlier this week, the Turkish government asked the country's parliament for permission to enter into northern Iraq in pursuit of the Kurdish rebels. That request was approved today, and has set the stage for more violence in the region.

Continue reading Oil rises to yet new highs

Oil rises to yet new highs originally appeared on BloggingStocks on Wed, 17 Oct 2007 13:54:00 EST. Please see our terms for use of feeds.

Permalink | Email this | Comments]]>crude oilCrudeOilIraqKurdsoiloil pricesOilPricesTurkeyWed, 17 Oct 2007 13:54:00 EST