Crude prices rise on Middle East tension

NEW YORK, Dec. 29 (Chinese media) -- Crude prices rose above

40 U.S. dollars a barrel Monday on the Middle East tension.

Israel launched massive air raids against the

Hamas-ruled Gaza Strip as Hamas shelled Israeli territory after a six-month

cease-fire between Israel and Gaza militants. The death toll has risen to 345

and more than 1,600 were wounded in the ongoing airstrikes. The tension in the

Middle East raised concern that supply maybe disrupted.

Oil prices were also supported as the U.S. dollar

lost more than 2 percent against the euro.

Light, sweet crude for February delivery rose 2.31

dollars to settle at 40.02 a barrel on the New York Mercantile Exchange.