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Oil prices rose for the third time in four days amid fears that the explosion of a bus in Tel Aviv, will lead to aggravation of the conflict in the Middle East, and will cause a supply.
Prices rose as much as 1.3% after the blast, which occurred near a military headquarters in the commercial center of Israel, as a result, at least 10 people were injured. Note also that efforts to reach a peace agreement between Israel and Hamas have not been reached last night. Costs also rose as U.S. oil fell for the first time in three weeks.
Note also, U.S. Secretary of State Hillary Clinton held talks with Israeli and Palestinian leaders to end the conflict in the Gaza Strip. Clinton met with Israeli Prime Minister Benjamin Netanyahu in Jerusalem yesterday, and then went to the West Bank for talks with Palestinian Authority President Mahmoud Abbas. Her next stop is in Egypt.
Bus bombing in Tel Aviv confirmed the concerns about violence in the Middle East and expressed concern about what might happen on. Conflict threatens further instability in the Middle East and North Africa, which produces about 35% of world oil production.
Also, data released today showed that oil stocks fell 1.47 million barrels to 374.5 million level for the week ending November 16. Reserves are projected should grow by 1 million barrels. At the same time, gasoline inventories fell by 1.55 million barrels to 200.4 million, while distillate stocks, which include heating oil and diesel fuel, fell by 2.68 million to reach 112.8 million, which is the lowest level in more than four years.
January futures price of U.S. light crude oil WTI (Light Sweet Crude Oil) rose to 87.23 dollars a barrel on the New York Mercantile Exchange.
January futures price of North Sea petroleum mix of mark Brent rose 110.40 dollars a barrel on the London Stock Exchange ICE Futures Europe.
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