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Oil rose back above US$34 a barrel Friday in Asia after concerns about weakening U.S. consumer demand sent crude near five-year lows overnight.
COLUMBUS, Ohio (AP) - Oil prices jumped 14 percent on New Year's Eve, capping a year that saw prices soar to unprecedented heights only to give up four years of gains in just five months.
THE record differential between the front-month and more liquid second-month contracts at expiry last week once again raised pointed questions about whether the Nymex light sweet contract is serving as a good benchmark for the global oil market, or sending misleading signals about the state of supply and demand.