Oil traded near the highest price in a month in New York on concern that Middle East unrest will disrupt supplies, countering speculation stockpiles rose for a third week in the U.S. Futures were little changed after climbing 2.7 percent yesterday as Israeli ground forces prepared to enter the Gaza Strip for the first time in almost four years. In the U.S., the world’s biggest crude user, inventories climbed by 1 million barrels last week. The situation in the Middle East came at a time when there was a risk-on move in the markets, and that fed through into oil. At this stage, the fact is that inventory levels and supply capacity are large. Crude for January delivery was at $89.10 a barrel, down 20 cents, the contract increased $2.36 to $89.30 yesterday, the highest close since October 19. Prices are down 10 percent this year. GOLD Gold’s 12-year rally, the longest in at least nine decades, is poised to continue in 2013 as central bank stimulus spurs investors from John Paulson to George Soros to accumulate the highest combined bullion holdings ever. The metal may rise next year to an average $1,925 an ounce in the final three months, or 12 percent more than now, Paulson & Co. has a $3.62 billion bet through the SPDR Gold Trust (GLD), the biggest gold-backed exchange- traded product, and Soros Fund Management LLC increased its holdings by 49 percent in the third quarter, U.S. Securities and Exchange Commission filings show. Spot gold was little changed at $1,733.50 an ounce, after reaching $1,735.50 yesterday, the most expensive since November 12. The metal climbed 1.1 percent yesterday as optimism for a U.S. budget deal and unrest in the Middle East spurred demand for the metal as an alternative investment.

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