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Posted AT 3:48 PM EST on 21/08/08

Oil vaults above $121 a barrel

STEVENSON JACOBS

The Associated Press

NEW YORK — Oil prices shot up more than $5 (U.S.) a barrel Thursday, rising to the highest level in over two weeks as escalating tensions with Russia stoked fears of supply disruptions to the West. Crude's rally mimicked the wild price swings seen last month and have at least temporarily halted oil's slide back toward $100 a barrel. A weaker U.S. dollar and worries about tightening output from OPEC countries are also supporting prices.

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