The Middle East conflict could affect the price of oil - further uncertainty expected.

The war in the Middle East affects the global price of oil. Instability in the market is also expected due to another piece of news.

Oil prices have recovered somewhat after their recent slide on Wednesday. A barrel (159 liters) of North Sea Brent for delivery in January cost $85.45. That was 43 cents more than the day before. The price of a barrel of American West Texas Intermediate (WTI) for delivery in December rose 26 cents to $81.28.

There are still concerns in the oil market that the Gaza war could spread to other countries in the Middle East. This in turn could affect crude oil deliveries between the Persian Gulf and the Arabian Sea, which are important for global trade, which would result in a shortage of oil supply.

On Wednesday night, Israeli ground troops, together with the air force and the navy, attacked several targets in the Gaza Strip, including Hamas command centers and terrorist cells, the Israeli army said.

Aside from the war, however, there are signs that the demand outlook is faltering. There was disappointing news about the Chinese economy, wrote analyst Charlie Lay from Commerzbank. China is one of the world's largest importers of crude oil.