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Brent Crude Oil for January delivery climbed 0.42% and was seen trading at $109.66 a barrel at 10.10 AM IST on ICE Futures Europe. Meanwhile its US counterpart the WTI on the NYMEX climbed 0.9% and was seen trading at..

19 Nov 2012

NEW YORK (Commodity Online): Crude Oil futures climbed for a second day as Israel stepped up its Gaza attack even as US House Speaker John Boehner radiated positive sentiments on talks regarding the fiscal cliff issue.

Brent Crude Oil for January delivery climbed 0.42% and was seen trading at $109.66 a barrel at 10.10 AM IST on ICE Futures Europe. Meanwhile its US counterpart the WTI on the NYMEX climbed 0.9% and was seen trading at $87.71 a barrel.

On India's MCX crude oil for December delivery climbed 0.29% and was seen trading at Rs.4860 a barrel on 10.14 am IST.

“The market is concerned about an escalation to the conflict in Israel,” said Jonathan Barratt, the chief executive officer of Barratt’s Bulletin, a commodity newsletter in Sydney to Bloomberg News. “Nervousness about the Middle East is forcing the hand of a few short positions,” or wagers on falling prices, he said.

Israel is about to step up Gaza ground attacks, a step unprecedented in four years even as efforts by international actors like Egypt and Turkey are on the anvil to bring an end to bloodshed that saw the death of 71 Palestinians and 3 Israelis.

“We will continue to act, to attack and perhaps even to intensify the operation,” Defense Minister Ehud Barak said during an appearance near Tel Aviv yesterday, according to an e- mailed statement published by Bloomberg. “If there is a need, we won’t hesitate to undertake ground maneuvers.”

Meanwhile talks regarding the US fiscal cliff issue is also under progress as Obama reached out to Jamie Dimon and legendary investor Warren Buffett.

"The president reached out to and spoke with each of these business leaders as a part of his continuing conversations and outreach on the need to find a balanced deficit-reduction solution that protects the middle class and continues to move our economy forward," a White House official said and was quoted by Reuters.

It may also have to be noted that no crude supplies were disrupted during the three-week Israel-Hamas conflict in 2008. While regional governments strongly criticized Israel, the fighting did not spread. Similarly, during the 2006 Israel-Hezbollah war, crude supplies were not affected and regional powers remained on the sidelines


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