After declining 25 percent from a summer peak above $78 a barrel, oil prices have hung close to the $60 level over the past month, even as the OPEC announced a production cut and violence in Nigeria raised supply worries.
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Crude Prices Rallied
Crude prices regained Wednesday as the market adjusted to declines the day before
Crude prices regained Wednesday as the market adjusted to declines the day before.
Light sweet crude for December delivery rose 19 cents to $58.47 a barrel in midmorning Asian electronic trading on the New York Mercantile Exchange.
After declining 25 percent from a summer peak above $78 a barrel, oil prices have hung close to the $60 level over the past month, even as the OPEC announced a production cut and violence in Nigeria raised supply worries.
After declining 25 percent from a summer peak above $78 a barrel, oil prices have hung close to the $60 level over the past month, even as the OPEC announced a production cut and violence in Nigeria raised supply worries.
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