Posted: Monday, 13 October 2008 9:28AM
Europe Bank Rescue Plan Sends Oil Prices Back Up
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SINGAPORE (AP) -- Oil prices are climbing back up from a 13-month low.
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Prices moved above the $81 a barrel mark in Asia, thanks to a pledge by European countries to keep banks from collapsing. Investors are hopeful that'll bring some stability to a financial system that's been teetering for weeks.
On Friday, the price of oil dropped under $78 a barrel for the first time since last September.
The Lundberg Survey released over the weekend shows just how much of an impact falling oil prices have been having on gasoline prices in the U.S. It had the average price for a gallon of regular at $3.31, 35 cents less than what it was two weeks ago. |
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