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Crude Oil Gains Amid Conflict in Middle East

November 17, 2012 at 4:40 by Vladimir Vyun

Crude oil rallied, ending this week with gains, on worries that conflict between Israel and Gaza Strip will escalate to whole Middle East. Tensions between two countries turned to open warfare, sparking fears of supply disruption. Egyptian Prime Minister Hisham Qandil called for the international intervention to end the infightings.

Fire broke out at the oil platform that that is situated the Gulf of Mexico and belongs to Black Elk Energy Offshore Operations LLC, adding to worries about supply. The company said that the fire has been extinguished. Two people are missing.

Crude oil (light sweet) was up from $85.36 to $87.01 per barrel on NYMEX yesterday. January futures on Brent crude rose $0.94 (0.87 percent) to close at $108.95 on ICE.

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