Oil rises above $40 on Israel-Hamas violence

LONDON, Dec 29: Oil prices rose above $40 a barrel on Monday, up nearly 8 percent on the previous session, after violence between Israel and Hamas served as a reminder of tensions that could threaten crude supplies from the Middle East. US light, sweet crude was up $3.18 at $40.89 a barrel by 1000 GMT (5 a.m. EST), below a session high of $42.20. Oil is on track for a nearly 60 percent loss this year, the biggest annual fall since futures began trading 25 years ago. London Brent crude rose $3.24 to $41.61 a barrel, after touching a session high of $43.18. —Reuters