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Oil prices move up on tension

30 December 2008 10:48 (UTC +04:00)

Baku. Vahab Rzayev â€“ APA-Economics. Crude prices rose above $40 a barrel Monday as Israel and Palestinian militants exchanged rocket fire and the death toll mounted in the oil-rich region, AP reports.
Light trading contributed to market volatility in the final days of 2008, with price swings of close to $5 a barrel.
Light, sweet crude for February delivery rose $2.31 cents to settle at $40.02 a barrel on the New York Mercantile Exchange, the first time crude has ended the day above $40 in a week. Nymex will be closed Thursday for the New Year’s Day holiday.
In London, February Brent crude rose $2.18 to settle at $40.55 a barrel on the ICE Futures exchange.
Retail gasoline prices in the U.S. continued to fall and neared $1.60 per gallon nationally Monday.