Posted AT 4:47 PM EST on 17/09/08
Oil prices rebound as stocks plummet
NEW YORK — Oil prices shot up $6 (U.S.) a barrel Wednesday, rebounding as fears of a spreading crisis in the U.S. financial sector sent skittish investors scrambling out of stocks and into hard assets.
The big rally at least temporarily halted crude's steep, two-month slide and brought prices back within striking distance of $100.
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