Crude up over $1/bbl on strikes, Kurdish tension

18 December 2007 11:58  [Source: ICIS news]

SINGAPORE (ICIS news)-- Crude futures prices rose by more than $1/bbl on Tuesday, buoyed by news of a strike at five French refineries and the advance of Turkish troops into the Kurdish region of northern Iraq.

 

At 11:28 GMT on Tuesday, January NYMEX light sweet crude futures were trading at $91.69/bbl, up $1.06/bbl on the previous close, after hitting a high of $91.84/bbl, up $1.21/bbl.

 

At the same time, February ICE Brent futures were trading at $92.15/bbl, up $0.86/bbl on Monday’s close, after earlier peaking at $92.28/bbl up $0.99/bbl.

 

French oil major Total said workers at five of its refineries had started strike action over a pay dispute. As a result the supply of oil products from its refineries had either been reduced or stopped entirely. However, the strike had not affected its entire refining operation.

 

Meanwhile, large numbers of Turkish troops have advanced into the Kurdish region of northern Iraqi. The move has further raised tensions in the region already heightened by air strikes by Turkish war planes over the weekend.

 

Prices had slipped the previous day amid a strengthening of the US dollar and comments from the Algerian oil minister indicating that OPEC may increase output from 1 February if there were market requirements for more crude.

By: James Dennis
+65 6780 4359

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