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Crude Oil Rebound as Tension in Middle East Returns

November 22, 2012 at 3:18 by Vladimir Vyun

Crude oil rallied on fears that the conflict between Israel and Gaza may resume. Bus exploded in Tel-Aviv, injuring at least 10 people. The reason for the explosion is unclear yet, but tension is already growing.

Crude also gained as US inventories unexpectedly shrank. Stockpiles declined by 1.5 million barrels to 374.5 million barrels last week. Forecasts have promised an increase by 800,000 barrels.

January contract for WTI crude oil rose $0.27 (0.31 percent) to $87.65 per barrel as of 3:03 GMT on NYMEX today. Brent crude advanced $0.16 (0.14 percent) to $111.02 per barrel on ICE.

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