Oil up, settles near 7-year highs after Iraq-Turkey pipeline outage
(Reuters) -Oil prices settled higher on Wednesday after a fire on a pipeline from Iraq to Turkey briefly stopped flows, increasing concerns about an already tight short-term supply outlook.
Flows have resumed through the Kirkuk-Ceyhan pipeline that carries crude from northern Iraq, the second-largest producer in the Organisation of the Petroleum Exporting Countries, to the Turkish port of Ceyhan for export.
The explosion that set off the fire on the pipeline in the southeastern Turkish province was caused by a falling power pylon, not an attack, a senior security source said.
