Oil Gains More Than 1% on Mideast Tension: Report

By Midnight Trader,  November 14, 2012, 03:08:50 PM EDT

Crude oil futures settled higher Wednesday, gaining more than 1% as developments in the Middle East fed oil-supply concerns, MarketWatch reported.

December crude oil added 94 cents, or 1.1%, to settle at $86.32 a barrel on the New York Mercantile Exchange.

Strength in oil "came from some Middle East headlines, but nothing game-changing," said Tariq Zahir, managing member at Tyche Capital Advisors. "We feel this will be short lived," especially with the American Petroleum Institute petroleum supply data due out later Wednesday and the more closely watched Energy Information Administration numbers due Thursday.




The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of The NASDAQ OMX Group, Inc.


This article appears in: Investing, Commodities

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