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Oil Prices Rebound As Dean Does Damage

Crude oil prices rebounded Wednesday, approaching $70 a barrel as Hurricane Dean threatened to regain strength and possibly further affect oil installations in Mexico, according to the Associated Press.

While the storm was downgraded to a Category 1 storm Tuesday, it was closing in on the Mexican mainland Wednesday, battering evacuated oil platforms on the Bay of Campeche and threatening to regain some of the force it unleashed on the Yucatan Peninsula.

Posted by Peter C. T. Elsworth  at 10:09 AM to Oil | Permalink

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