Paying the price for oil

oil

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Only five years ago the market was panicking about the price of oil slipping to dangerous lows: the $5 barrel was becoming a genuine prospect. But in early August, the price of US-traded light, sweet crude topped $44.

The factors driving this unprecedented spike were continued uncertainty over the future of Russian oil giant Yukos, fears that al-Quaeda terrorists were planning an assault on high-profile buildings in New York and sporadic attacks by militants against oil pipelines in Iraq.

The mark

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