NEW YORK, Oct. 17 (Xinhua) -- Oil prices dropped Wednesday after a stronger-than-expected U.S. energy stockpiles report offset geopolitical tensions centered on the oil-rich Middle East.
New York's main futures contract, light sweet crude for delivery in November, lost 21 cents to settle at 87.40 U.S. dollars a barrel, the first close lower after six straight sessions of rising prices.
The New York contract earlier spiked to a new high of 89.00 dollars in intraday trade, just after the Turkish parliament approved military raids against PKK rebels based in oil-rich northern Iraq.
The U.S. Department of Energy said Wednesday that U.S. crude reserves jumped 1.8 million barrels in the week ended Oct. 12, beating analysts' forecasts of 1.05 million.
New York's main futures contract, light sweet crude for delivery in November, lost 21 cents to settle at 87.40 U.S. dollars a barrel, the first close lower after six straight sessions of rising prices.
The New York contract earlier spiked to a new high of 89.00 dollars in intraday trade, just after the Turkish parliament approved military raids against PKK rebels based in oil-rich northern Iraq.
The U.S. Department of Energy said Wednesday that U.S. crude reserves jumped 1.8 million barrels in the week ended Oct. 12, beating analysts' forecasts of 1.05 million.
