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Oil prices rise as traders eye Mideast conflict
Source: Agencies |
November 17, 2012, Saturday
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Online Edition
Online Edition
Oil prices rose yesterday as investors monitored the fighting between Israel and militants in Gaza, and the effect it might have on oil supplies.
January benchmark crude futures rose by US$1.05 to finish at US$86.92 per barrel in New York. Brent crude, used to price many international varieties of oil, rose 94 cents to end at US$108.95 per barrel in London.
Investors kept an eye on the impact the Middle East fighting could have on oil supplies. So far supplies have been ample. But they could be disrupted if the conflict between Israel and Hamas in Gaza spreads and further destabilizes the region.
At the pump AAA said average gasoline prices in the US fell by almost a penny to US$3.43 per gallon compared to Thursday's prices.
In other energy futures trading :
- Heating oil rose 1.33 cents to finish at US$2.9868 per gallon.
- Wholesale gasoline rose 1.39 cents to end at US$2.7101 per gallon.
- Natural gas rose 8.3 cents to finish at US$3.9040 per 1,000 cubic feet.
January benchmark crude futures rose by US$1.05 to finish at US$86.92 per barrel in New York. Brent crude, used to price many international varieties of oil, rose 94 cents to end at US$108.95 per barrel in London.
Investors kept an eye on the impact the Middle East fighting could have on oil supplies. So far supplies have been ample. But they could be disrupted if the conflict between Israel and Hamas in Gaza spreads and further destabilizes the region.
At the pump AAA said average gasoline prices in the US fell by almost a penny to US$3.43 per gallon compared to Thursday's prices.
In other energy futures trading :
- Heating oil rose 1.33 cents to finish at US$2.9868 per gallon.
- Wholesale gasoline rose 1.39 cents to end at US$2.7101 per gallon.
- Natural gas rose 8.3 cents to finish at US$3.9040 per 1,000 cubic feet.
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