Oil Prices Ease as Gaza Truce Holds

From Times Online

Oil prices extended their falls Friday as a cease-fire agreement between Israel and the militant Hamas group that stopped weeklong fighting in the Gaza Strip continued to hold.

Benchmark crude for January delivery was down 28 cents to $87.10 per barrel at midday in London in electronic trading on the New York Mercantile Exchange. The contract rose 63 cents to finish at $87.38 per barrel Wednesday. Markets were closed Thursday for the U.S. Thanksgiving holiday.

Israel launched an offensive on Nov. 14 to halt rocket fire from Gaza, unleashing some 1,500 airstrikes on Hamas-linked targets, while Hamas and other Gaza militants showered Israel with just as many rockets. A truce reached Wednesday was still intact, easing fears of an escalating war that could spill beyond Gaza and eventually disrupt oil supplies.

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