Oil rebounds in Asia on Europe bank rescue plan

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October 13, 2008 06:11

 
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Oil prices rebounded from a 13-month low to rise above $80 a barrel Monday in Asia on expectations that a pledge by European countries to keep banks from collapsing may stabilize a tumultuous global financial system. Light, sweet crude for November delivery was up $2.76 to $80.46 a barrel in electronic trading on the New York Mercantile Exchange by midday in Singapore. The contract fell Friday $8.89 to $77.70, the lowest price since Sept. 10, 2007.

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