Oil prices rise as traders eye Mideast conflict

Associated Press Modified: November 16, 2012 at 2:15 pm •  Published: November 16, 2012
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Oil prices rose on Friday as investors monitored the fighting between Israel and militants in Gaza, and the effect it might have on oil supplies.

January benchmark crude futures rose by $1.05 to finish at $86.92 per barrel in New York. Brent crude, used to price many international varieties of oil, rose 94 cents to end at $108.95 per barrel in London.

Investors kept an eye on the impact the Middle East fighting could have on oil supplies. So far supplies have been ample. But they could be disrupted if the conflict between Israel and Hamas in Gaza spreads and further destabilizes the region.

At the pump AAA said average gasoline prices in the U.S. fell by almost a penny to $3.43 per gallon compared to Thursday's prices.

In other energy futures trading :

— Heating oil rose 1.33 cents to finish at $2.9868 per gallon.

— Wholesale gasoline rose 1.39 cents to end at $2.7101 per gallon.

— Natural gas rose 8.3 cents to finish at $3.9040 per 1,000 cubic feet.


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