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Oil rises on Middle East worries Oil prices hovering close to $89
(about 7 hours later)
Oil prices have risen again as traders weigh up supply issues and the geopolitical tensions building in the Middle East. Oil prices are hovering close to $89 a barrel as traders weigh up supply issues and the geopolitical tensions building in the Middle East.
US light, sweet crude, which had touched $89 a barrel on Wednesday, gained 28 cents to $87.68 while Brent added 21 cents to 83.34 dollars. US light, sweet crude, which hit the record $89 mark on Wednesday before easing, is up $1.01 at $88.41 while Brent Crude added 59 cents to $83.72.
Prices had pulled back in early trading after unexpectedly large gains in US oil and petrol inventories.Prices had pulled back in early trading after unexpectedly large gains in US oil and petrol inventories.
But simmering tensions along the Turkey-Iraq border have upped prices. But simmering tensions along the Turkey-Iraq border kept prices aloft.
There are continuing concerns over tensions between Turkey and Kurdish rebels in Northern Iraq. There are continuing concerns about tensions between Turkey and Kurdish rebels in Northern Iraq.
Turkey's parliament has approved a government plan to attack rebels, raising fears of instability in the area. Turkey's parliament has approved a government plan to attack rebels and although military action is not considered imminent, it has raised fears of instability in the area.
Opec action?Opec action?
Comments by a member of the oil producers' cartel Opec that the group may now consider boosting output also helped the oil price pull back.Comments by a member of the oil producers' cartel Opec that the group may now consider boosting output also helped the oil price pull back.
Nigerian oil minister Odein Ajumogobia said Opec leaders could now meet as early as 17 November, three weeks ahead of their next planned meeting.Nigerian oil minister Odein Ajumogobia said Opec leaders could now meet as early as 17 November, three weeks ahead of their next planned meeting.
Oil traders fear that exports from northern Iraq could be hit
"We are still a month away and it depends what transpires before then," he added."We are still a month away and it depends what transpires before then," he added.
Prices were also supported by figures showing a smaller-than-expected increase in US gas stocks last week.
Oil prices have quadrupled since 2002 because of strong demand from fast-growing economies such as China and India, allied to instability in oil-producing nations in the Middle East and Africa.Oil prices have quadrupled since 2002 because of strong demand from fast-growing economies such as China and India, allied to instability in oil-producing nations in the Middle East and Africa.
The cost of oil is still below the inflation-adjusted level of about $90 a barrel seen in 1980, when spiralling prices helped contribute to a recession in the US.The cost of oil is still below the inflation-adjusted level of about $90 a barrel seen in 1980, when spiralling prices helped contribute to a recession in the US.
Last month, Opec said that it would be boosting its production by 500,000 barrels per day from the beginning of next month, to cope with resilient global demand for oil.Last month, Opec said that it would be boosting its production by 500,000 barrels per day from the beginning of next month, to cope with resilient global demand for oil.