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Date : the 15/09/2009
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Channel: Economics, Finance
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Tension in the Middle East ends slump for oil

Oil prices rose for the first time in two days Friday as tensions escalated over Iran's nuclear ambitions and Federal Reserve Chairman Ben Bernanke said he continued to support a federal lending program that could weaken the dollar. Benchmark crude for November delivery added 13 cents to settle at $66.02 a barrel on the New York Mercantile Exchange. In London, Brent crude rose 29 cents to settle at $65.11 on the ICE Futures exchange. Oil prices slumped most of the week after government reports showed the U.S. continues to sit on a huge petroleum surplus as the U.S. driving season comes to a close. But they rebounded early Friday when President Barrack Obama and the leaders of France and Britain issued a stern warning to Iran, demanding the country come clean on its nuclear program. "Iran is breaking rules that all nations must follows," Obama said at the opening of the G-20 economic summit in Pittsburgh.

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View original story on http://www.thestate.com/business-wire/story/958488.html?RSS=business
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