Oil prices rebounded from their lowest close in almost nine months, Bloomberg reports.
The increase was credited to speculation that European measures to fight the debt crisis could spur more demand for fuel.
Crude prices increased as much as 3.2 percent, a Bloomberg survey showed. Oil for August delivery was up $2.48 to $80.17 a barrel in electronic trading on the New York Mercantile Exchange. Prices are down 19 percent this year and have dropped 22 percent this quarter.
Mike W. Thomas covers technology, military, regulatory issues and does small-business reporting/editing.
Source: http://feedproxy.google.com/~r/vertical_16/~3/EiWw2-K2Wo4/oil-prices-rise-as-european-debt.html
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