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Oil rises a bit along with dollar
Published: Saturday, December 20, 2008 at 4:21 a.m.
Last Modified: Saturday, December 20, 2008 at 6:07 a.m.
Last Modified: Saturday, December 20, 2008 at 6:07 a.m.
Oil prices stabilized Friday as the White House's $17.4 billion auto industry rescue package gave Wall Street a boost and the dollar strengthened against the euro.
Light, sweet crude for February delivery rose 69 cents to settle at $42.36 a barrel on the New York Mercantile Exchange. In London, February Brent crude rose 64 cents to settle at $44 a barrel.
The extreme volatility in energy markets this year has seen crude pushed from $100 to nearly $150 between January and July, and back down to the $30 to $40 range this month.
The January contract, which expired Friday, fell $2.35 to settle at $33.87, the lowest close in five years.
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