Energy prices rise as Mideast tensions continue

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Associated Press

Posted on November 16, 2012 at 5:01 PM

Updated Friday, Nov 16 at 5:02 PM

Crude oil and other energy futures are closing higher as tensions escalate between Israel and the Palestinians. Most metals are closing lower, and grains and beans prices are ending mixed.

Oil for January delivery rose $1.05 to finish at $86.92 a barrel on the New York Mercantile Exchange Friday. That's an increase of 1.2 percent.

Air raid sirens sounded in Jerusalem after the militant group Hamas aimed rockets at the city. Israel called up 16,000 reservists, moving a step closer to a ground campaign. Investors worried that a worsening of the conflict could impact the flow of oil from the region.

Metals prices fell, except for gold, which edged higher. Silver fell 1 percent and copper slipped by 0.3 percent.

Wheat and soybeans fell. Corn rose.

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