Oil prices climb after Israel fires at crowds in Gaza

PanARMENIAN.Net - Oil prices climbed Friday, Nov 23 after Israeli troops fired on crowds in Gaza surging toward the border fence, killing one Palestinian and wounding 19, The Associated Press reported.

Benchmark crude for January delivery was up 77 cents to $8.15 a barrel at noon EST on the New York Mercantile Exchange.

Brent, which is used to price international varieties of oil, was up 48 cents to $111.03 a barrel.

Friday's killing is the first violence since a truce between Israel and the militant Hamas group was reached two days ago. Prior to the shooting, oil prices had been falling, thanks mostly to optimism over the stability in the region that the cease-fire agreement provided.

Israel launched an offensive on Nov. 14 to halt rocket fire from Gaza, unleashing some 1,500 airstrikes on Hamas-linked targets, while Hamas and other Gaza militants showered Israel with just as many rockets. The truce reached Wednesday had eased fears of a war that could broaden beyond Gaza and eventually disrupt oil supplies.

In the U.S., motorists returning from the Thanksgiving holiday are getting the slightest bit of relief. The national average for a gallon of regular unleaded gasoline fell one-tenth of a cent to $3.43. However, that is still 10 cents higher than last Thanksgiving.