Crude prices up on Turkish incursion into Iraq

Crude oil prices were slightly higher Friday on reports that at least several hundred Turkish troops have crossed the border into northern Iraq in an escalation of the conflict with Kurdish militants.

The incursion is in response to attacks on Turkish territory by Kurds who are trying to establish autonomy in southeastern Turkey.

The move renewed fears that the regional conflict could widen and interrupt oil supplies from Iraq.

April contracts for West Texas Intermediate crude added 55 cents to $98.78 per barrel on the New York Mercantile Exchange, while Brent crude for April delivery was up 77 cents to $97.01 per barrel.

Nymex April heating oil was 3 cents higher to $2.75 per gallon while March gasoline added 2 cents to $2.54 per gallon and April natural gas gained 32 cents to $9.21 per million British thermal units.