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Oil rises after Israel-Hamas truce is announced
Source: Agencies |
November 22, 2012, Thursday
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THE price of oil rose yesterday following the announcement of a cease-fire agreement to end a week of fighting between Israel and Hamas militants.
Benchmark oil rose 63 cents to finish at US$87.38 a barrel in New York. It climbed as high as US$87.89 in the morning. Oil fell nearly 3 percent Tuesday.
The truce was announced by Egypt's foreign minister and confirmed by Israeli Prime Minister Benjamin Netanyahu. The deal is to end a week of fighting that has killed more than 140 Palestinians and five Israelis.
Brent crude, used to price international varieties of oil, rose US$1.03 to end at US$110.86 a barrel in London.
In other energy futures trading in New York:
- Heating oil gained 3 cents to finish at US$3.07 a gallon.
- Wholesale gasoline rose 4 cents to end at US$2.75 a gallon.
- Natural gas gained 7 cents to finish at US$3.90 per 1,000 cubic feet.
Benchmark oil rose 63 cents to finish at US$87.38 a barrel in New York. It climbed as high as US$87.89 in the morning. Oil fell nearly 3 percent Tuesday.
The truce was announced by Egypt's foreign minister and confirmed by Israeli Prime Minister Benjamin Netanyahu. The deal is to end a week of fighting that has killed more than 140 Palestinians and five Israelis.
Brent crude, used to price international varieties of oil, rose US$1.03 to end at US$110.86 a barrel in London.
In other energy futures trading in New York:
- Heating oil gained 3 cents to finish at US$3.07 a gallon.
- Wholesale gasoline rose 4 cents to end at US$2.75 a gallon.
- Natural gas gained 7 cents to finish at US$3.90 per 1,000 cubic feet.
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