Oil prices rose above $47 a barrel Monday in Asia as a ground offensive by Israeli troops against Hamas in Gaza heightened tensions in the oil-rich Middle East, AP reported. Light, sweet crude for February delivery rose $1.36 to $47.70 a barrel, after earlier jumping to as high as $48.68, in electronic trading on the New York Mercantile Exchange by midday in Singapore. The contract rose Friday $1.74 to settle at $46.34. In other Nymex trading, gasoline futures rose 3.25 cents to $1.14 a gallon. Heating oil gained 1.94 cents to $1.50 a gallon while natural gas for February delivery increased 1.4 cents to $5.99 per 1,000 cubic feet. In London, February Brent crude rose $1.30 to $48.21 a barrel on the ICE Futures exchange.
