Crude Concerns
Crude Oil prices continued to rise today on mounting tension in the Middle East. The November contract managed to creep above the $88 mark for a brief spell before retracing back into the $87 range. With Crude continuing to make new highs, there is likely to be debate among traders as to how long the ride can possibly last.
Just as it was yesterday, much of today's movement was based on what is happening in Northern Iraq. The Kurds are located by the Ceyhan pipeline, which carries oil to a tanker-loading terminal in the Mediterranean. This pipeline has been struggling to carry its usual load ever since the U.S. invasion of Iraq in 2003. The current dispute between Turkey and the Iraqi Kurds may be more reason to believe that prices are going to continue to rise.
