Oil prices rose for the second week in a row, in light of the developments taking place in the Middle East with the escalation of events in the Gaza Strip and the continuation of the Israeli aggression against civilians in Gaza through the continued shelling by the occupation forces on the people of the Strip, threatening oil supplies.
Brent crude futures fell 22 cents, or 0.2 percent during the closing session to reach USD 92.16 per barrel at settlement, but rose on a weekly basis by 1.4 percent for the second time in a row.
US WTI futures, the most traded December maturity, also fell by about 29 cents at settlement to USD 88.08 per barrel, but rose weekly by 2 percent.
According to observers, the Middle East remains a major focus in the market due to fears of a regional conflict, which is likely to cause disruption in oil supplies.
Oil prices are also benefiting from expectations of a widening deficit in the fourth quarter after Saudi Arabia and Russia, the main producers, extended supply cuts until the end of the year.
