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MONDAY, NOVEMBER 23, 2009
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Oil Prices Reverse Monthlong Decline

Crude reaches nearly $37 after UAE's cuts

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(Newser) – Oil prices rose today—after dropping more than 30% this month alone—as the United Arab Emirates joined Saudi Arabia in curbing crude supplies, reports Reuters. Crude oil rose as much as $1.55 a barrel, or 4.4%, to $36.90 in New York this morning. The UAE cut was larger than expected and comes after oil tumbled further on Christmas Eve on grim American economic figures. Last week, OPEC ordered its biggest-ever cut in production.

Mohamed bin Dhaen Al Hamli, United Arab Emirates minister of energy and president of the 146th OPEC Conference, delivers the opening speech in Abu Dhabi, United Arab Emirates.
Mohamed bin Dhaen Al Hamli, United Arab Emirates minister of energy and president of the 146th OPEC Conference, delivers the opening speech in Abu Dhabi, United Arab Emirates.   (AP Photo/Kamran Jebreili)
A worker performs tasks at an oil refinery in Wuhan, central China's Hubei province, last month.
A worker performs tasks at an oil refinery in Wuhan, central China's Hubei province, last month.   (AP Photo)
A Hess Corp. oil refinery in Port Reading, N.J.
A Hess Corp. oil refinery in Port Reading, N.J.   (AP Photo/Mark Lennihan)
An oil pump moves in stark contrast against the horizon last month in the Gulf state of Bahrain.
An oil pump moves in stark contrast against the horizon last month in the Gulf state of Bahrain.   (AP Photo/Hasan Jamali)
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