Oil rose above $86 a barrel. Mounting tensions between Turkey and northern Iraq have traders worried about supply disruptions. But demand is already tight. The Organization of Petroleum Exporting Countries slashed its latest production estimate. It says demand for crude oil will grow by 100,000 barrels a day over last year — even while non-OPEC countries will produce 100,000 fewer barrels of oil a day than expected. But you can take heart that oil isn't yet at an all-time high. If you adjust for inflation, oil was worth $100 a barrel in 1980.
Oil Prices Surge Above $86 a Barrel
News & Features National Public Radio · NPR ·
Copyright 2013 NPR. To see more, visit http://www.npr.org/.