October 16, 2009 1:10 PM

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Oil rises above $78

Oil prices rose today above 78 dollars a barrel in Asian markets after US gasoline inventories unexpectedly fell. Benchmark crude rose as much as 59cents to 78.17 dollars before slipping back to 78.03 US dollars by midday in electronic trading on the New York Mercantile Exchange. A falling US dollar has also helped boost oil this week.

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