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Crude Oil Jumps After Israel Attacks Gaza Strip

November 15, 2012 at 1:31 by Vladimir Vyun

Crude oil advanced after Israel performed air strike at Gaza Strip. According to Ashraf al-Qedra, a spokesman for the Ministry of Health in Gaza, Ahmed al-Jabari, the second-in-command of the military wing of Hamas, was killed during the attack. Israel’s Prime Minister Benjamin Netanyahu hinted that the country may continue strikes:

The world needs to understand that Israel will not sit idly by in the face of attempts to attack us. We are prepared to intensify the response. At the same time, we are closely monitoring what is happening on our border with Syria and there we are also ready for any development.

As usual, tension in Middle East increased risk premium. The prices did not fall even after the American Petroleum Institute reported that US crude oil inventories rose 1.35 million barrels to 373 million last week.

Crude oil (light sweet) rallied from $85.43 to $86.24 on NYMEX as of 1:20 GMT today.

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