Tags: oil | prices | Hamas | Israel

Oil Prices Ease as Gaza Cease-Fire Truce Holds

Friday, 23 November 2012 07:57 AM EST

Oil prices extended their falls Friday as a cease-fire agreement between Israel and the militant Hamas group that stopped weeklong fighting in the Gaza Strip continued to hold.

Benchmark crude for January delivery was down 28 cents to $87.10 per barrel at midday in London in electronic trading on the New York Mercantile Exchange. The contract rose 63 cents to finish at $87.38 per barrel Wednesday. Markets were closed Thursday for the U.S. Thanksgiving holiday.

Israel launched an offensive on Nov. 14 to halt rocket fire from Gaza, unleashing some 1,500 airstrikes on Hamas-linked targets, while Hamas and other Gaza militants showered Israel with just as many rockets. A truce reached Wednesday was still intact, easing fears of an escalating war that could spill beyond Gaza and eventually disrupt oil supplies.

"I think it's a bit of reaction to the cease-fire in the Middle East, said Ric Spooner, chief market analyst at CMC Markets in Sydney.

Brent crude, used to price international varieties of oil, fell 33 cents to $110.53 a barrel in London.

In other energy futures trading in New York:

— Heating oil fell 2 cents to $3.06 a gallon.

— Wholesale gasoline rose 4 cents to $2.75 a gallon.

— Natural gas was steady to $4.02 per 1,000 cubic feet.

© Copyright 2024 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.


Markets
Oil prices extended their falls Friday as a cease-fire agreement between Israel and the militant Hamas group that stopped weeklong fighting in the Gaza Strip continued to hold.
oil,prices,Hamas,Israel
210
2012-57-23
Friday, 23 November 2012 07:57 AM
Newsmax Media, Inc.

Sign up for Newsmax’s Daily Newsletter

Receive breaking news and original analysis - sent right to your inbox.

(Optional for Local News)
Privacy: We never share your email address.
Join the Newsmax Community
Read and Post Comments
Please review Community Guidelines before posting a comment.
 
Get Newsmax Text Alerts
TOP

Newsmax, Moneynews, Newsmax Health, and Independent. American. are registered trademarks of Newsmax Media, Inc. Newsmax TV, and Newsmax World are trademarks of Newsmax Media, Inc.

NEWSMAX.COM
MONEYNEWS.COM
© Newsmax Media, Inc.
All Rights Reserved
NEWSMAX.COM
MONEYNEWS.COM
© Newsmax Media, Inc.
All Rights Reserved