NEW YORK --- Oil prices briefly surpassed $85 a barrel today, reflecting concerns that fuel supplies won't be sufficient for the coming winter. According to AP, traders also cited worries about the rising tensions between Turkey and Kurds in northern Iraq. By midafternoon in Europe today, light, sweet crude for November delivery on the New York Mercantile was at $84.78 a barrel in electronic trading. Prices rose as high as $85.20 before retreating. Recent reports have suggested that crude inventories are falling. The International Energy Agency indicated that oil inventories of the world's largest industrialized countries have fallen below a five-year average. What's more, the U.S. Energy Department reported that U.S. oil supplies declined in the week that ended Oct. 5.

Originally posted on Fleet Financials