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
Oil Tops $40 on Gaza Turmoil
The price of crude jumped 8% today as violence raged in the Gaza Strip.   (AP Photo/Hasan Jamali)

(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.
(Read more oil prices stories.)

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