Expect to see an increase in oil prices these next couple of days as the cost of oil jumped past $120 a barrel last Thursday due to a Turkish pipeline fire that exploded on Tuesday night. According to pro-Kurdish news agency Firat, the separatist group known as the Kurdistan Workers’ Party admitted to sabotaging the Turkish section of the critical Baku-Tbilisi-Ceyhan pipeline last week. The Associated Press reported that because of the fire there is a possibility of a prolonged closure of the US-backed 1,100-mile pipeline. Jim Ritterbusch, president of energy consultancy at Ritterbusch and Associates, says that “Every day that it's down, we lose about one million barrels of oil that otherwise would be available to the global market.”