May 10, 2010 7:18 PM

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Oil rebounds in Asian trade

Crude oil prices rebounded to near 77 dollars a barrel in Asia, today, from last week's 14 per cent sell-off after Europe and the IMF pledged nearly one trillion dollars to help defend the embattled euro. Benchmark crude for June delivery rose 1.74 dollars, to 76.85 dollars a barrel on the New York Mercantile Exchange. The European Union Commission and IMF pledged a 750 billion euro loan package, today, after the euro plunged last week amid investor concerns a debt crisis in Greece could spread to other European countries.Crude prices are down from an 18-month high of 87.15 dollars a barrel early last week, as the debt crisis battered the Euro, which rallied Monday to 1.2944 dollars from 1.2759 dollars.

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