Oil price rises to above $107 barrel as Israel-Hamas fight continues
BANGKOK (AP) - The price of oil rose above US$87 (S$107) a barrel on Monday in Asia as the conflict between Israel and Hamas showed no signs of abating, raising concerns about crude supplies.
Benchmark oil for December delivery was up 81 cents to US$87.73 per barrel at midday Bangkok time in electronic trading on the New York Mercantile Exchange. The contract added US$1.05 to finish at US$86.92 per barrel on Friday.
Brent crude, used to price many international varieties of oil, rose 55 cents to US$109.50. It closed Friday at US$108.95 per barrel in London.
Mr Gordon Kwan, head of energy research at Mirae Asset Securities Ltd in Hong Kong, said some investors fear that oil supplies could be disrupted if the Israel-Hamas conflict engulfs countries elsewhere in the Middle East, a huge producer of crude.