Oil rises to $38 as OPEC cuts outweigh low demand - Yahoo! Finance

Prices have fallen despite continued fighting between Israel and Hamas in Gaza. After initially spurring a jump in oil prices, the Gaza conflict has been largely ignored by traders because it hasn't affected major supplies and no oil-rich Middle East neighbors have become directly involved."The impact on oil supply is obviously limited," Moore said.

Investors are also looking for signs that demand from emerging markets, which helped drive oil's rise to $147.27 a barrel in July, will rebound.

Oil rises to $38 as OPEC cuts outweigh low demand - Yahoo! Finance