The price of crude oil rose above $85 a barrel for the first time this year in New York on speculation that Turkish forces may pursue Kurdish militants in Iraq, stopping or curbing oil shipments as refiners prepare for the peak-demand heating-season.
Crude oil rose as much as 1.9 percent because Turkey's government appears ready to allow its military to attack Kurdish bases in Iraq, which has the world's third-largest oil reserves. Crude oil prices also rose after the Organization of Petroleum Exporting Countries – OPEC - said crude oil production outside the group will be lower than previously forecast.
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