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Oil prices rise little as Gaza fighting continues

Associated Press Published: November 18, 2012
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NEW YORK (AP) — Oil futures prices rose slightly in electronic trading Sunday night with the market apparently unaffected by fighting between Israel and Hamas.

In early trading, January benchmark crude futures rose less than 1 percent, by 60 to 70 cents per barrel, over Friday's close of $86.92. Brent crude, used to price many international varieties of oil, rose about 55 cents. It closed Friday at $108.95 per barrel in London.

Tom Kloza, chief oil analyst at the Oil Price Information Service, says the international futures markets have been relatively quiet, and he doesn't see that changing much as long as Gaza Strip fighting doesn't spread.

If Saudi Arabia continues to produce extra oil and U.S. production keeps rising, gasoline prices in the U.S. should be insulated from the fighting, he says.


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