Oil Rises to One-Month High on Middle East Conflict
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Oil rose to a one-month high amid concern that Middle East unrest will disrupt supply and on growing confidence that a deal can be reached to avoid automatic U.S. spending cuts and tax increases.
Prices advanced for a second day as Israeli ground forces were poised to invade the Gaza Strip for the first time in almost four years if cease-fire efforts fail. President Barack Obama is “confident” of an agreement to avert the so-called fiscal cliff, he said in Bangkok yesterday.