Gaza ceasefire limits Asian oil gains

Gaza ceasefire limits Asian oil gains
Updated on

Summary Crude price rises were limited in Asian trade Thursday after Israel and Palestinian ceasefire.

 

New York s main contract, light sweet crude for delivery in January, added 21 cents to $87.59 a barrel in the afternoon and Brent North Sea crude for January delivery advanced two cents to $110.88.

 

The Gaza ceasefire came into effect at 1900 GMT Wednesday and halted eight days of conflict between Israel and Hamas.

 

"A truce... eased concerns that a week of intensive Israeli fire on the Gaza Strip and militant rocket attacks out of the enclave could widen, engulfing regional oil exporters," Phillip Futures said in a report.

 

US jobs numbers helped boost prices, analysts said.

 

"Markets lifted... on better-than-expected jobs numbers out of the US," IG Markets said in a report.

 

Despite a disclaimer that numbers were distorted by the effects of Superstorm Sandy, traders still found cheer when official figures showed US jobless claims falling to 410,000 last week.

 

That marked a nine percent decline from the previous week s upwardly revised number of 451,000. Analysts on average had estimated claims in the world s largest economy and oil consumer would drop to 423,000.

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