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Oil Rebounds Above $62, Tracking Broader Markets

By Clip Syndicate
Oil rose above $62 a barrel on Monday, mirroring gains in equities, as investors became confident there would be no further substantial price loss in the run-up to the new year. Saudi Arabia's powerful oil minister, Ali al-Naimi, said on Sunday that lower crude prices would help demand by stimulating the economy and slow down supply growth. Michael Hewson, chief market strategist at CMC Markets, said, Naimi said that the market would correct itself and was confident that the fall was temporary.






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