Oil Settles Higher on Middle East Tension: Report


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Oil rose on concern that the clash between Israel and Hamas will escalate into a wider conflict that would endanger Middle East crude shipments, Bloomberg reported.

Futures advanced 1.4% as Israel extended its bombing of Gaza while Palestinian missiles struck areas around Jerusalem and Tel Aviv. Egyptian Prime Minister Hisham Qandil visited Gaza today and called for an international effort to end the violence. Israel's army said it has deployed tanks near the Gaza border and called up reservists.

Crude oil for December delivery, which expired today, climbed $1.22 to $86.67 a barrel on the New York Mercantile Exchange, the highest settlement since Nov. 6. The more-actively traded January West Texas Intermediate oil contract gained $1.05, or 1.2%, to $86.92.

Brent oil for January settlement increased 86 cents, or 0.8%, to $108.87 a barrel on the London-based ICE Futures Europe exchange. It was boosted by disruptions in the North Sea.

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This article appears in: Investing , Commodities

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