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LONDON, Aug 21: Oil prices jumped back above $122 on Thursday as traders tracked geopolitical tensions between the United States and Russia, a weak dollar and a large drop in US motor fuel reserves.
New York’s main contract, light sweet crude for delivery in October, soared more than $6 to $122.04 per barrel, a level last seen at the start of August.
London’s Brent North Sea crude for October rallied a similar amount to a two-week high of $120.93.
Brent later stood at $120.34, up $5.98 from the close on Wednesday. New York crude was at 121.45, up $5.89.—AFP
