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NEW YORK - Oil prices jumped over the weekend after the US Federal Reserve cut a key interest rate to calm markets and on fears Hurricane Dean could hit Gulf of Mexico installations.
US crude settled up US98c at US$71.98 a barrel.
Forecasts showing Hurricane Dean could spin toward Gulf of Mexico oil rigs and refineries this week supported oil markets that were nervous about potential damage to the region, which pumps a third of US oil output.
- Reuters
