SINGAPORE – Oil prices remained above $48 a barrel Tuesday in Asia amid signs OPEC is implementing announced production cuts and as Israel's ground offensive in Gaza kept tensions high in the oil-rich Middle East.
Light, sweet crude for February delivery fell 69 cents to $48.12 a barrel in electronic trading on the New York Mercantile Exchange by afternoon in Singapore. The contract rose overnight $2.47 to settle at $48.81.
Israeli forces seized control of high-rise buildings and attacked smuggling tunnels in the tenth day of fighting with Hamas in Gaza on Monday. The offensive has killed at least 500 people, about 25 percent of whom were civilians, a U.N. official said Monday.
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