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Australian Market Report of October 16: Market Boosted by Higher Oil Prices

🕔10/16/2009 1:00:13 PM 14564

US stocks climbed to a 2009 new high on Thursday, as the oil prices surge buoyed energy companies. New York crude oil futures rose more than 3 per cent to a one-year high of US$77.58 a barrel after the government said US gasoline reserves fell sharply last week. The financial and IT stocks retreated over mixed economic data and corporate outlook.

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