Oil Heads for Third Weekly Gain on Mideast Concern, U.S. Supply
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Oil headed for a third weekly gain in New York after fighting in Gaza renewed concern about the threat to Middle East supplies and U.S. crude stockpiles unexpectedly dropped.
West Texas Intermediate futures were little changed compared with the close on Nov. 21, taking the week’s gain to 0.4 percent. There was no settlement yesterday because floor trading was closed for the Thanksgiving holiday. A cease-fire crafted by Egypt and the U.S. halted eight days of aerial assaults that ravaged the Gaza Strip and made Tel Aviv a missile target. Oil inventories shrank 1.47 million barrels last week, according to the Energy Department. The median estimate in Bloomberg survey of analysts was a gain of 1 million.