Business | Oil & Gas
Oil rises over Israel-Gaza conflict
Oil prices are trading above $47 a barrel as a ground offensive by Israeli troops against Hamas militants in Gaza heightened tensions in the oil-rich Middle East.
- AP
- Published: 11:11 January 5, 2009
Singapore: Oil prices are trading above $47 a barrel as a ground offensive by Israeli troops against Hamas militants in Gaza heightened tensions in the oil-rich Middle East.
Light, sweet crude for February delivery rose $1.36 to $47.70 a barrel, after earlier jumping to as high as $48.68, in electronic trading on the New York Mercantile Exchange by midday on Monday in Singapore. The contract rose Friday $1.74 to settle at $46.34.
A dispute between Russia and Ukraine over natural gas payments also concerned traders. Russian gas monopoly Gazprom has cut off gas shipments to Ukraine since Thursday.
In other Nymex trading, gasoline futures rose 3.25 cents to $1.14 a gallon.
In London, February Brent crude rose $1.30 to $48.21 a barrel on the ICE Futures exchange.
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