November crude oil prices traded higher in overnight and early morning action and registered a higher high in the process. The outside market tone was mixed during the early morning hours, with equity markets near unchanged levels and gains in the US dollar. Some of the support in the crude oil market came from mounting tensions between Turkey and Syria, with Turkey vowing to do what it needs to protect its borders. This has fostered concerns over supply disruptions in the region, as well as fear that further conflict could hamper oil production in northern Iraq. Another source of support for November crude oil could be coming from the relative out performance in November Brent crude oil, with the spread relationship between the two sitting at the widest level in a year.
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