Oil rises on inventories declines, positive data (2)

Hamas and Israel agreed on a cease-fire deal that took effect Wednesday night after a week-long airstrikes and rocket fire. Fears for a wider war in Gaza Strip and for a possible oil supplies disruption eased.

But concerns about conflict in the area lingered as experts doubted the effects of the cease-fire. An explosion on a Tel Aviv bus and continuing airstrikes targeted at Gaza militant still worried the investors.

Markets also kept an eye on the debt problems in the euro zone. EU financial ministers are scheduled to meet again on Monday, discussing about release of bailout funds to Greece.

Thursday is U.S. Thanksgiving holiday, the New York Mercantile Exchange trading floor will close.

Light, sweet crude for January delivery gained 63 cents, or 0. 73 percent, to settle at 87.38 dollars a barrel on the New York Mercantile Exchange. Brent crude for January delivery rose 1.03 dollars, or 0.94 percent to finish at 110.86 dollars a barrel.

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