Crude Oil Rises as Israeli Attacks on Gaza Roil Middle East

http://www.bloomberg.com/apps/news?pid=20601087&sid=advqIH4pECVE


Crude oil rose above $40 a barrel after Israeli air strikes in the Gaza Strip raised concern that supply from the Middle East, the world’s largest producing region, may be disrupted.

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Crude oil for February delivery rose $2.31, or 6.1 percent, to settle at $40.02 a barrel at 2:47 p.m. on the New York Mercantile Exchange. Earlier, it touched $42.20 a barrel in the biggest gain in two weeks. Futures have declined 73 percent from a record $147.27 a barrel in July.

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Prices also advanced as China, the world’s second-biggest energy consumer, said it will supplement its emergency oil stockpiles while prices are low, while Libya and the United Arab Emirates announced compliance with OPEC output cuts agreed on this month.

“China’s plans to stockpile crude may take up some slack from the demand destruction from the economic slowdown,” said Rob Laughlin, a senior broker with MF Global Ltd. in London.
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hhhuuummmm

it was getting so low that i was worried we'd impose a $1/gallon tax to fund public transportation & GHG reduction. gazprom & the sauds are saved by the israelis using american weapons.

o yea: :sarcasm:

eom