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Oil rises with Mideast tension to the fore as truce talks falter

Global oil prices increase as Israel turns down Hamas-proposed cease fire in the Gaza Strip.

Photo: Matthew Brown/AP/Ritzau Scanpix

By Yongchang Chin, bloomberg news

Oil advanced for a second day on tensions in the Middle East, with Israel rejecting a cease-fire proposal for the Gaza Strip, and a risk-on mood that helped lift wider financial markets.

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