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Crises in Iraq and elsewhere send oil prices soaring
Crises in Iraq and elsewhere send oil prices soaring

Crude oil prices were headed to their biggest weekly gain of the year on Friday amid fear that the escalating crisis in Iraq could constrain supplies around the world. Investors were spooked after President Obama said he is considering military action against Islamist insurgents in Iraq, though he ruled out the deployment of ground forces. West Texas Intermediate crude, the oil on which U.S. prices are based, rose 14 cents to $106.67 a barrel Friday. It was up 4.1% this week to the highest level since September. Brent crude, which sets the price of most foreign oil, was up 48 cents to $113.50 a barrel. It rose 4.4% this week, the biggest rise in nearly a year. Rising oil...

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