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Friday, Mar 29, 2024

Oil prices rebound above $80 after governments step up global bailout efforts

NEW YORK (AP) _ Oil prices clawed back above $80 a barrel Monday, rebounding from a 13-month low as a stepped up global effort to rescue world financial markets lured investors back into equity and commodities markets. Prices were also supported by a weaker dollar and expectations that OPEC countries may tighten production in a bid to slow crude’s precipitous decline; prices have fallen about 45 percent since shooting to a record $147.27 on July 11. Last week, crude tumbled more than $16 to levels not seen since September 2007, with over half the losses coming on Friday alone. For the full story visit www.latimes.com/business/nationworld/wire/ats-ap-oil-pricesoct13,1,4313168.story

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