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Oil prices climb on new Gaza-Israel fears

Associated Press Modified: November 23, 2012 at 2:00 pm •  Published: November 23, 2012

"I expect the market might back away from those concerns," he said.

Traders are also looking ahead to the next meeting of the Organization of the Petroleum Exporting Countries on Dec. 12. Tossetti said OPEC has been maintaining high levels of production but he doesn't expect anything to change at the upcoming meeting.

"It will probably be a non-event and a non-event for prices," he said.

In the U.S., motorists returning from the Thanksgiving holiday are getting the slightest bit of relief. The national average for a gallon of regular unleaded gasoline fell one-tenth of a cent to $3.43. However, that is still 10 cents higher than last Thanksgiving.

Other futures on the New York Mercantile Exchange:

— Wholesale gasoline lost nearly 6 cents to end at $2.7439 a gallon.

— Natural gas lost 0.2 cents to end at $3.901 per 1,000 cubic feet.

— Heating oil was up 5 cents to end at $3.0771 a gallon.