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October 13th, 2008
Posted: 03:34 PM ET
NEW YORK (CNNMoney.com) — Oil prices bounced back above $80 a barrel Monday after a group of European countries tried to restore economic confidence by promising to bail out major banks. The sliding global economy pulled oil prices to a 13-month low on Friday as investors worried that cash-strapped businesses and consumers were cutting back on fuel consumption. U.S. crude for November delivery settled up $3.49 to $81.19 a barrel in New York on Monday, following a pledge by euro-zone nations to provide capital and guarantee loans. |
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