Turkey wants to invade some Kurds in northern Iraq.
Northern Iraq has a major oil pipeline. Some 500,000 barrels per day flow thru that pipeline. An invasion will disrupt that flow.
A major factor for rising oil price is the weak dollar.
Remember, commodities like oil, metals, grains etc are USD denominated. The weak dollar makes those commodities cheap. It's like the commodities are all on sale.
Speculators buy cheap dollars and buy into commodities.
The speculators are betting oil price will go higher coz of low inventories... and they got it right so far.
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October 20th, 2007 10:37 AM #26Last edited by uls; October 20th, 2007 at 10:41 AM.
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