NEW YORK (AP) -- Petroleum futures rose sharply Thursday and oil prices passed $83 a barrel after the government reported an unexpected decline in crude oil inventories.

Prices also were supported by an International Energy Agency report that concluded oil inventories held by the world's largest industrialized countries have fallen below a five-year average, and by concerns that clashes between Turkish forces and Kurdish rebels could affect Iraqi oil supplies.

"No news was bearish today," said James Cordier, president of Liberty Trading Group in Tampa, Fla. "Really, that's all investors need right now to push energy prices higher."

The weekly inventory report from the Energy Department's Energy Information Administration said crude supplies fell by 1.7 million barrels in the week ended Oct. 5. Analysts surveyed by Dow Jones Newswires

NEW YORK (AP) -- PepsiCo Inc., the huge beverage and snack foods maker, said Thursday its third-quarter profit rose 17 percent on the strength of its international division and a one-time tax benefit.

Yet worries over rising commodity prices and consumer confidence going into next year led the company to sound a warning, and investors sent the share price down.

"With the shares up 8 percent in the last month and up 11 percent over the last three months, the strong results were not enough to maintain the shares' upward trajectory without further upward revisions today," Morgan Stanley analyst Bill Pecoriello told investors.

The company left its full-year earnings guidance of at least $3.35 a share in place.

The owner of the world's second biggest soft drink company and the Frito-Lay snacks maker earned $1.74