Will it be common to see the price of oil exceeding $70?
*Reuters, June 6, 2007
“Oil prices extended gains above $71 a barrel on Thursday, nearing their highest in nine months after a raid by Turkish troops into northern Iraq revived Middle East geopolitical jitters.
Data showing U.S. refiners were struggling to boost summer fuel production, and Cyclone Gonu’s disruption of Omani oil and gas exports lent additional support to the market, keeping Brent crude within a dollar of late May’s $71.80 high.
London Brent crude rose for a sixth day, climbing 25 cents to $71.27 a barrel by 0522 GMT after rising 57 cents on Wednesday. U.S. crude rose 31 cents to $66.27.
Turkey denied a report on Wednesday it had launched a major incursion into northern Iraq to crush Kurdish rebels, but a military source said troops had conducted a limited raid across the mountainous border, rattling markets.”
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