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Oil Prices Mixed amid Mideast Tensions

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OIL prices were mixed Thursday amid escalating violence between Israel and the Palestinians, weak US economic data and a rise in US crude supplies. New York’s main contract, West Texas Intermediate (WTI) for December delivery, closed at $US85.45 a barrel, down 87 cents from yesterday.

 

In London trade, Brent North Sea crude for delivery in December leaped $US1.37 to settle at $US110.98 a barrel. Despite sharply rising tensions in the oil-rich Middle East as Israel and the Palestinians in Gaza traded attacks, the New York WTI contract was unable to hold opening gains.

 

“Brent would be much more directly impacted by supply losses in the Middle East because all that goes to Europe,” while the United States gets a lot of oil from elsewhere, such as Venezuela, Canada and Mexico, said Matt Smith at Summit Energy.



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