Oil prices rise as traders eye Mideast conflict
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.
Business Photo Galleriesview all
- 12287Oklahoma tornadoes: Plaza Towers Elementary School teacher shoved students into bathroom as wall collapsed
- 11384Oklahoma tornadoes: Cost, custom keep basements scarce
- 6956Oklahoma tornadoes: The 'Big Dog,' the little boy and the hug that triumphs over tragedy
- 6508Finding Addyson – One family's struggle in the Moore tornado
- 4900Downtown wish list includes Super Target
- 4357OU softball: Sooners inspired by Casey Angle, run-rule Texas A&M
- 3734Oklahoma City pastor will face trial in fatal shooting of son-in law