Mon, 19 Nov 2012 13:24:54 GMT
Oil steps higher on Israel conflict and U.S. budget issues
Crude oil futures for January settlement were $1.07 higher, or 1.23%, to $87.99 a barrel during Asia trading hours on Monday. Oil price was pushed up by investors' concerns on the Middle East unrest, which threaten to disrupt oil supplies, and on the U.S. budget issues, as the $607 billion deficit-reducing package may push the biggest world's economy into a