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Oil rises above $47 on Middle East tension
Saudi Press Agency Published in Saudi Press Agency on 05 - 01 - 2009


Oil prices rose above $47 a barrel today
in Asia as a ground offensive by Israeli troops against
Hamas in Gaza heightened tensions in the oil-rich
Middle East, The Associated Press 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.

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