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Oil prices rally beyond $102

Friday, 19 September 2008


LONDON, Sept 18: Oil prices rose sharply for a second day running Thursday, bouncing above 102 dollars, as the US currency fell after major central banks further boosted liquidity on financial markets. "The coordinated move by central banks has seen the dollar sold off and has sparked some interest in the dollar-denominated commodities like oil," said Sucden analyst Nimit Khamar in London. A weak dollar makes oil cheaper for buyers holding stronger foreign currencies. — AFP