Oil Tops $40 on Gaza Turmoil

Crude jumps 8% on violence, while OPEC waits for production cut to take hold
By Jason Farago,  Newser Staff
Posted Dec 29, 2008 6:01 AM CST
The price of crude jumped 8% today as violence raged in the Gaza Strip.   (AP Photo/Hasan Jamali)
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(Newser) – The price of oil jumped to $40 a barrel this morning, a gain of 8% over the previous session, as violence between Israel and Hamas threatened to destabilize crude supplies from the Middle East. Oil has been rising slightly after falling by more than $100 a barrel since July. The president of OPEC said this weekend he expected the price of oil to stabilize over the next two months as output cuts take hold.