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| Version 1 | Version 2 |
|---|---|
| Oil price rises on Gaza conflict | Oil price rises on Gaza conflict |
| (20 minutes later) | |
| The price of oil has risen briefly on fears of heightened tension in the Middle East following Israel's offensive in the Gaza Strip. | The price of oil has risen briefly on fears of heightened tension in the Middle East following Israel's offensive in the Gaza Strip. |
| US light, sweet crude peaked at $48.68 a barrel, before falling back to trade at $46.44, up 10 cents on the day. | US light, sweet crude peaked at $48.68 a barrel, before falling back to trade at $46.44, up 10 cents on the day. |
| The price of Brent crude was down one cent at $46.90 a barrel. | |
| Opec sources have said that is is highly unlikely that the oil producers' cartel will follow Iran's call to boycott supporters of Israel. | Opec sources have said that is is highly unlikely that the oil producers' cartel will follow Iran's call to boycott supporters of Israel. |
| Among Opec's biggest producers are Saudi Arabia, Kuwait and the United Arab Emirates, all of which have good relations with the United States. | Among Opec's biggest producers are Saudi Arabia, Kuwait and the United Arab Emirates, all of which have good relations with the United States. |
| Production cuts | Production cuts |
| An Iranian military commander had suggested earlier that oil supplies should be withheld to put pressure on Israel's allies. | An Iranian military commander had suggested earlier that oil supplies should be withheld to put pressure on Israel's allies. |
| Separately, Iran's Opec representative Mohammad Ali Khatibi said that the cartel would hold an extraordinary meeting in Kuwait in February. | Separately, Iran's Opec representative Mohammad Ali Khatibi said that the cartel would hold an extraordinary meeting in Kuwait in February. |
| Opec has already agreed to production cuts of 4.2 million barrels per day, but prices have not risen in response. | Opec has already agreed to production cuts of 4.2 million barrels per day, but prices have not risen in response. |
| There remains concern among traders about how severely the deepening downturn will reduce global demand for oil. | There remains concern among traders about how severely the deepening downturn will reduce global demand for oil. |
| Traders have also been worried about the continuing gas dispute between Russia and Ukraine. | Traders have also been worried about the continuing gas dispute between Russia and Ukraine. |
| Several EU countries have reported a drop in supplies after Russia cut off gas to Ukraine on New Year's Day in a row over unpaid bills and a new price contract. | Several EU countries have reported a drop in supplies after Russia cut off gas to Ukraine on New Year's Day in a row over unpaid bills and a new price contract. |