Oil prices rise as traders eye Mideast conflict

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Associated Press

Posted on November 16, 2012 at 3:05 AM

Updated Friday, Nov 16 at 9:30 AM

Oil prices are higher Friday as investors monitor the fighting between Israel and militants in Gaza.

Benchmark crude traded in New York was up by $1 to $86.87 per barrel in morning trading. Brent crude, traded in London, is higher as well.

Investors are keeping an eye on the impact the fighting could have on oil supplies. So far, those supplies have been ample. But they could be disrupted if the conflict between Israel and Hamas in Gaza spreads and destabilizes the Middle East.

Meanwhile, AAA says average gasoline prices in the U.S. fell by less than a cent to $3.43 per gallon compared to Thursday's prices.

Prices for other petroleum products such as heating oil, wholesale gasoline, and natural gas were nearly unchanged.

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