Crude oil rises on Gaza con­flict

The Pak Banker - - Front Page -

NEW YORK

Oil rose on spec­u­la­tion that the con­flict be­tween Is­rael and the Pales­tini­ans of Gaza will dis­rupt crude sup­ply from the Mid­dle East. Prices ad­vanced ear­lier af­ter a re­port showed US stock­piles de­clined.

Fu­tures climbed as much as 0.8 per­cent af­ter Egyp­tian plans to an­nounce a cease-fire in Gaza fell through yes­ter­day fol­low­ing a week­long bar­rage of Pales­tinian rock­ets and Is­raeli airstrikes. The Amer­i­can Pe­tro­leum In­sti­tute said yes­ter­day crude in­ven­to­ries fell for the sec­ond week in three. An En­ergy Depart­ment re­port to­day is fore­cast to show sup­plies in­creased.

"Un­til we get some fur­ther news from the Pales­tine-Is­rael sit­u­a­tion, traders will prob­a­bly trade from the long side," Ole Hansen, se­nior man­ager of trad­ing ad­vi­sory at Saxo Bank A/S, said by phone from Copen­hagen to­day.

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