Oil climbed for a fourth consecutive trading day on concerns that the conflict in Gaza may not be short lived while Russia and Ukraine argue over gas prices. Crude Oil climbed as high as $49.23, only to close the day at $47.90.
The nearly 3 percent gains were seen as fighting between Israel and Hamas terrorists in the Gaza Strip continued for the 11th day, and both sides showed no signs of a willingness to cease its operations.
Also contributing to the rise in Crude prices has been Russia reducing fuel supplies to its European neighbors. Eastern European countries are suspected of siphoning off gas supplies before reaching its intended destination. These two factors may lead to a continuation of elevated Crude prices in the short term. Look for Crude to potentially break the $50 mark.