Articles
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Oil price above US$100 on international banking plan
THE price of oil yesterday finished trading above US$100 for the first time in two weeks, as the US and other countries made it easier for banks to lend money and keep the global economy growing.
The Federal Reserve said it will team up with the European Central Bank, the Bank of England and the central banks of Canada, Japan and Switzerland to increase the flow of dollars around the world. The coordinated move should be a shot in the arm for Europe, where a festering credit crisis has slowed the eurozone economy and threatened a recession.
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