labels: oil & gas, economy - general
Oil holds above $87 a barrel as supply worries lingernews
18 October 2007
Mumbai: Oil prices stayed close to record peaks, holding above $87 in New York, as traders feared possible supply interruptions caused by unrest in Iraq.

US light sweet crude for delivery in November was unchanged at $87.61 per barrel, after striking an historic $88.20 in intra day trading on Tuesday.

Crude oil prices zoomed to a new peak above $88 a barrel on Tuesday 16 October as investors, eyeing supply concerns, and tensions in northern Iraq extended the nine-dollar rally that started last week.

In London, North Sea Brent crude for December delivery slipped six cents to $83.49. The November contract expired Tuesday after hitting an all-time high of $84.49 per barrel.

Iraqi vice president Tareq al-Hashemi has asked Turkey for time to tackle Kurd rebels based in northern Iraq, Anatolia news agency reported. The United States has also warned Turkey against unilateral action in northern Iraq which has been relatively stable while most of Iraq has been torn apart by conflict. Many of Iraq''s largest oil fields are located in the north of the troubled country.

 search domain-b
Oil holds above $87 a barrel as supply worries linger