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Oil Tops $40 on Gaza Turmoil

Crude jumps 8% on violence, while OPEC waits for production cut to take hold

By Jason Farago,  Newser Staff

Posted Dec 29, 2008 6:01 AM CST

(Newser) – The price of oil jumped to $40 a barrel this morning, a gain of 8% over the previous session, as violence between Israel and Hamas threatened to destabilize crude supplies from the Middle East. Oil has been rising slightly after falling by more than $100...   Read full story »

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