Posted AT 4:17 PM EST on 06/06/07
Oil prices rise on word of Turkish troop action
NEW YORK — Gasoline futures fell Wednesday after the U.S. government reported an unexpectedly large increase in gas inventories and a surprising decline in refinery utilization.
Oil futures jumped when news broke that several thousand Turkish troops had crossed into northern Iraq to chase Kurdish guerrillas. Light, sweet crude for July delivery recovered from early losses and rose 35 cents (U.S.) to settle at $65.
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