What's Moving the Oil Markets?

 

•Global crude futures reached new highs Tuesday for the third consecutive day as attention focused on political developments in Turkey and market participants adjusted positions in response. Both NYMEX WTI and ICE Brent touched new all-time highs at $87.97/b and $84.31/b respectively

•The latest surge in crude futures was in reaction to news late Monday that the Turkish government had formally asked the parliament for permission to launch attacks into northern Iraq against the Kurdistan Workers' Party (PKK). Approval for such a motion is expected to pass on Wednesday. This would enable the Turkish government to decide over the next year how to proceed, according to news agencies.

Updated: October 16, 2007

 

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