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Oil rises after Israel-Hamas truce is announced

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The Associated Press | November 21, 2012 03:41 PM EST | AP

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NEW YORK — The price of oil rose Wednesday following the announcement of a cease-fire agreement to end a week of fighting between Israel and Hamas militants.

Benchmark oil rose 63 cents to finish at $87.38 a barrel. It climbed as high as $87.89 in the morning. Oil fell nearly 3 percent Tuesday.

The truce was announced by Egypt's foreign minister and confirmed by Israeli Prime Minister Benjamin Netanyahu. The deal is to end a week of fighting that has killed more than 140 Palestinians and five Israelis.

Brent crude, used to price international varieties of oil, rose $1.03 to end at $110.86 a barrel in London.

Meanwhile, gas pump prices in the U.S. moved higher as Americans began traveling for Thanksgiving. The national average is $3.43 a gallon.

In other energy futures trading in New York:

_ Heating oil gained 3 cents to finish at $3.07 a gallon.

_ Wholesale gasoline rose 4 cents to end at $2.75 a gallon.

_ Natural gas gained 7 cents to finish at $3.90 per 1,000 cubic feet.