Oil prices sprung back up past US$120 a barrel yesterday after Kurdish rebels set fire to an oil pipeline in Turkey. The jump in prices stops a three day slide that had offered a brief reprieve to the consumer.
The fire could cause the closure of the pipeline for more than two weeks, causing the jump in futures pricing. One energy consultant said: “Every day that it’s down, we lose about 1 million barrels of oil that otherwise would be available…”
Source: news.yahoo.com
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