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Oil prices climb on new Gaza-Israel fears

By SCOTT MAYEROWITZ, AP Business Writer Published: November 24, 2012

In brief

Oil prices climb amid Gaza fears

Oil prices climbed Friday after Israeli troops fired on crowds in Gaza surging toward the border fence, killing one Palestinian. Benchmark crude ended the trading day up 90 cents to $88.28 a barrel on the New York Mercantile Exchange. Brent, which is used to price international varieties of oil, was up 83 cents to $111.38 a barrel.

Friday's killing is the first violence since a truce between Israel and the militant Hamas group was reached two days ago. Before the shooting, oil prices had been falling.

Traders also are looking ahead to the next meeting of the Organization of the Petroleum Exporting Countries on Dec. 12. Paul Tossetti, senior director of markets and country strategies at PFC Energy, said OPEC has been maintaining high levels of production but he doesn't expect anything to change at the upcoming meeting.

Associated Press


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