Oil hits high over Turkish moves

Brent crude yesterday hit a record $84.49 on continuing tensions over possible Turkish action against the Kurds in Northern Iraq and the projected tightness of the market in the winter months.

The market had receded overnight on a degree of profit-taking.

Today's focus will be the EIA data which, according to the consensus forecast, will show a build in crude stocks (of around 1million bbls) and gasoline with a small draw on distillates.