After rising, oil prices dip on withdrawal of Turkish troops from Iraq

Oil prices declined on news of withdrawal of Turkish troops from Northern Iraq. Earlier, prices had increased on reactions to movement of Turkish troops into northern Iraq to flush out Kurdish rebels. New Yorks's light sweet crude for January delivery, dipped to US$90.49 after surging briefly past US$92. In London, Brent North Sea crude for February delivery settled at US$90.12. Earlier in the week on Monday, oil prices dipped on damp outlook for the US economy amid fears that a potential economic slowdown could dampen oil demand. Last Friday's report indicated that oil prices drove US consumer inflation to its highest peaks in more than two years last month, raising concerns that the Federal Reserve will hold back from further interest rate cuts to underpin economic momentum. At its meeting in November, Organization of the Petroleum Exporting Countries (OPEC) had decided against increasing production, as it insisted that the market was well supplied.