Oil jumps above $40 on Gaza conflict

Oil jumps above $40 on Gaza conflict
# 29 December 2008 15:30 (UTC +04:00)
New-York-APA. Tensions generated by a widening conflict between Israel and Palestinian militants sent crude prices up sharply to above $40 a barrel Monday, with gasoline and heating oil also making sizable gains, APA reports
Prices also were supported by indications that key OPEC members were acting on commitments to cut back production, in line with a decision earlier this month to take a daily 2.2 million barrels off the market.
Light, sweet crude for February delivery rose $2.56 to $40.27 a barrel in electronic trading on the New York Mercantile Exchange by midday in Europe. The contract on Friday rose $2.36 to settle at $37.71.
In London, February Brent crude rose $2.98 to $41.35 a barrel on the ICE Futures exchange.
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