Brent Crude Price Touches All-Time High Of $86,28 - WTI Hits $88.58 On Turkish Worries

[hatrack]

LONDON (AFP) - The price of Brent crude oil struck an historic peak of 86.28 dollars per barrel in trading here Thursday on renewed concerns over tight global energy supplies. New York crude also surged as Turkey vowed to "purge" Kurdish rebels in the northern region of oil-rich Iraq, and following news that US energy stockpiles fell sharply last week.

After striking a record high, Brent North Sea crude for December delivery stood at 85.83 dollars per barrel, up 1.46 dollars from Wednesday's close. New York's main futures contract, light sweet crude for delivery in December, soared by 1.48 dollars to 88.58 dollars on Thursday after an intra-day peak of 88.99. The US November contract had struck a historic high of 90.07 dollars last Friday owing to tensions in the Middle East.

On Thursday, Turkish President Abdullah Gul said his country was "running out of patience" with Iraq over Kurd rebels there and would "purge" bases across the border. Gul made the comments ahead of the arrival of an Iraqi delegation in Ankara for talks on mounting tensions between the two countries.

"We respect the territorial integrity and unity of Iraq (but) we are running out of patience and we will not tolerate the use of Iraqi soil for terrorist activities," Gul told a gathering here of 12 Black Sea region countries.

EDIT

http://news.yahoo.com/s/afp/20071025/ts_afp/commoditiesenergyoilprice_071025113621;_ylt=AsdylCrfsLTlmYIYm2hfIyCAsnsA

[TechBear_Seattle]

1. And where are the Republickers screaming bloody murder because oil is more than $40 a barrel?

I seem to remember extreme outrage by Republickers when oil briefly hit $40 a barrel under President Clinton. They screamed and beat their chests and made dire threats against a president who obviously hated America so much.

I neither screaming nor chest-thumping from the Right. Why is that, do you suppose?