Oil prices rise amid conflict between Israel and Hamas
Monday 19 November 2012
The price of oil rose to nearly 88 US dollars a barrel in Asia today as the conflict between Israel and Hamas showed no signs of abating, raising concerns about crude supplies.
Benchmark oil for December delivery was up 95 cents to 87.87 dollars per barrel in late afternoon Bangkok time in electronic trading on the New York Mercantile Exchange. The contract added 1.05 dollars to finish at 86.92 dollars per barrel on Friday.
Brent crude, used to price many international varieties of oil, rose 77 cents to 109.72 dollars. It closed at 108.95 dollars per barrel in London on Friday.
Gordon Kwan, head of energy research at Mirae Asset Securities in Hong Kong, said some investors fear that oil supplies could be disrupted if the Israel-Hamas conflict engulfs countries elsewhere in the Middle East, a huge producer of crude.
The "market is putting a geopolitical premium on the price of oil amid escalating tensions between Israel and Palestine and that could continue for some time", he said.
The fighting comes just as winter arrives in the US and China, at time when energy demands climb.
- 1 East 17 bandmember Brian Harvey in 'very desperate situation’
- 2 Vladimir Putin says Russia will fight for the right of Palestinians to their own state
- 5 Germanwings plane crash: I have depression. That doesn't make me a psychopath
East 17 bandmember Brian Harvey in 'very desperate situation’
Vladimir Putin says Russia will fight for the right of Palestinians to their own state
Ohio Democrat Teresa Fedor speaks out during abortion debate to reveal she has been raped – and is interrupted by laughter from Republicans
Germanwings plane crash: Investigators may have already found remains of suspected killer co-pilot Andreas Lubitz
Children take eight Isis captives to be beheaded in latest propaganda video
Ukip supporters are 55 or older, white and socially conservative, finds British Social Attitudes Report
JK Rowling responds to fan tweeting she 'can't see' Dumbledore being gay
Street preacher quoting from the Bible fined for calling homosexuality an 'abomination'
Jeremy Clarkson sacked live: Alan Yentob 'wouldn't rule out' ex Top Gear host's BBC return
Woman filmed launching racist tirade against men on the Tube for speaking in 'own lingo'
The West has it totally wrong on Lee Kuan Yew
£32000 - £38000 per annum + Benefits: Ashdown Group: Management Accountant / F...
£27000 - £32000 per annum: Recruitment Genius: This leading provider of a mark...
£25000 - £35000 per annum: Recruitment Genius: This company provides Reliabili...
Negotiable: Recruitment Genius: This leading provider of refrigeration, mechan...