Crude Oil Rises After Israeli Attacks on Gaza Roil Middle East

Source: Bloomberg

Dec. 29 (Bloomberg) -- Crude oil rose a second day in New York after Israeli air strikes in the Gaza strip killed more than 285 people, increasing tensions in the Middle East and prompting some investors to buy commodities as a haven.

Oil gained as much as 3.9 percent as Israel called up reservists after two days of air attacks on the Hamas-controlled region. Saudi Arabia, the world’s biggest oil producer, condemned the “brutal” attacks while Syria told the United Nations to stop the “massacre” of defenseless Palestinians. The Middle East produces almost a third of the world’s oil.

Crude oil for February delivery rose as much as $1.47 to $39.18 a barrel in after-hours electronic trading on the New York Mercantile Exchange. It was at $38.85 at 10:09 a.m. in Sydney.

Oil jumped 6.7 percent to $37.71 on Dec. 26, the biggest gain in two weeks for a contract closest to expiration. Prices rose as OPEC member-states cut production to prevent a glut and Israel threatened to retaliate for a string of rocket attacks since a six-month truce with Hamas collapsed on Dec. 19.

more: http://www.bloomberg.com/apps/news?pid=20601087&sid=aEyw2y9Fm_qc&refer=home

:grr: :grr: :grr: :grr: :grr: :grr: :grr: :grr:

Probably not, but it is helpful to note that OPEC has tinkered with oil production before to "punish" Israel and the United States for actions against the Palestinians. It's possible that it will happen again. And now would be an opportune time to grab our economy by the short hairs and yank...

Brilliant. So more people can struggle financially to transport themselves to work. YOU certainly don't 'hate to get this way'.

If the oil companies are getting money out of it, they're involved. Apparently some CEO couldn't pay off his third yacht or something. :eyes:

22 Days before they are out of the government.

Junior was their guy. Junior's now about been disarmed.

Olmert's now the guy.

Price instability drops wreak havoc with alternative energy financing. I guess thank goodness for the greed and need of oil producers? To make themselves redundant and prevent planet cooking?