Lionel Laurent, 10.18.07, 2:00 PM ET
LONDON – Oil prices are gradually falling back from the $90 threshold, after hitting $89 on Wednesday’s news that Turkey had approved a full ground assault on northern Iraq to combat Kurdish guerillas.
Light, sweet crude for November delivery on the New York Mercantile Exchange was at $87.25 at midday Thursday, easing back from Wednesday’s record high of $89. December Brent crude also slipped 21 cents to $82.92 a barrel in London, returning to its usual position behind the U.S. West Texas benchmark. Their positions had reversed earlier this year following a refinery shutdown at Cushing, Okla.