Tuesday, December 18, 2007

Oil rises above $91

LONDON (Reuters) - Oil rose to over $91 a barrel on Tuesday after Turkish troops crossed over into Kurdish territory in northern Iraq.

Three hundred Turkish troops crossed the border overnight to combat Kurdish militants sheltering in the semi-autonomous region and blamed for attacks on Turkish territory.

U.S. light crude for January delivery, which expires later on Tuesday, rose 81 cents to $91.44 a barrel by 10:21 a.m., recouping some of the losses after falling for three straight sessions.

London Brent crude was up 55 cents at $91.84.

Analysts said rising geopolitical concerns centred on the oil-producing Mideast had put fundamental factors such as tight fuel stocks during an intensifying winter season into sharper focus.

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