Middle East violence pushes oil prices up

Oil prices rose further Monday as violence between Israelis and Palestinians ignited fears that that the conflict could spread throughout the region.

In New York, oil prices rose roughly $2 to $89 a barrel a day after an Israeli airstrike killed 10 people in one home in the Gaza Strip. Crude prices are up roughly 4% since the fighting erupted early last week.
Analysts, who see the oil market as oversupplied, said the general tension in the region was the only thing pushing prices higher.

"It's largely the Middle East violence upholding prices," said Reagan Blackmon, an oil analyst at the investment bank Canaccord Genuity in Houston.

Neither Israel nor the Gaza Strip is a big producer of oil. But traders fear the Israeli-Palestinian conflict could spread to the broader Middle East, which accounts for nearly a third of the world's total oil production and 40% of its oil exports.

Read Full Article from CNNMoney

- Posted: 2012-11-19 14:46:28

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