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Oil little changed, gives up earlier gains

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Posted: Nov 21, 2012 11:26 AM
Source: Associated Press

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NEW YORK- The price of oil is little changed at midday Wednesday after topping $87 a barrel earlier, when an explosion injured 10 people on a bus in Tel Aviv.

Benchmark oil is rose 8 cents at $86.83 per barrel. It rose as high as $87.89 in the morning. Oil fell nearly 3 percent Tuesday.

Diplomatic efforts continued Wednesday to forge a truce to end a week of fighting between Israel and Gaza's militant Hamas rulers. Those efforts suffered a setback when a bus exploded in Tel Aviv, Israel's second-largest city.

Brent crude, used to price international varieties of oil, rose 25 cents to $110.08 a barrel in London.

Gas prices in the U.S. moved higher as Americans got ready to travel for Thanksgiving. The national average is $3.43 a gallon.

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