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Oil climbs on Mideast contagion fears from Israel-Gaza conflict
  + stars: | 2023-10-20 | by ( ) www.cnbc.com   time to read: +2 min
Oil prices extended gains on Friday, rising about 1% on fears that the Israel-Gaza conflict may spread in the Middle East and disrupt supplies from one of the world's top-producing regions. Brent crude futures climbed 77 cents, or 0.8%, to $93.15 a barrel by 0042 GMT. U.S. West Texas Intermediate crude was at $90.36 a barrel, up 99 cents, or 1.1%. Israeli Defence Minister Yoav Gallant told troops gathered at the Gaza border on Thursday that they would soon see the Palestinian enclave "from inside," suggesting an expected ground invasion could be nearing. Venezuelan state-run oil company PDVSA has begun contacting customers with crude supply contracts, two people familiar to the matter said on Thursday, moving to resume cash sales to global refiners.
Persons: CLc2, Tony Sycamore, Yoav Gallant, Sycamore, PDVSA Organizations: Brent, . West Texas, Israel Defence Forces, Israeli, U.S, Pentagon, Strategic Petroleum Reserve, U.S . Department of Energy, Reuters Locations: Israel, Gaza, Yemen, Saudi Arabia, Russia, United States, Washington, Venezuela, OPEC, Venezuelan
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