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Oil Price Record Rise

September 23rd, 2008
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It looks as if the price of fuel is in for a rocky road ahead with the price per barrel of oil overnight recording its largest one-day gain on record according to Reuters.  The price lept by US$16.37 to reach US$120.92 per barrel, that’s a 15.7 percent increase in the space of 24 hours.

Reuters puts the price increase down to the current volatility in the financial markets and the US governments plan to combat this problem.  Last week the oil price rose 7 percent in three-days, the largest gain for this timeframe in over 10 years.

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