Crude oil prices closed higher as a...
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Crude oil prices closed higher as a tanker incident in the North Sea threatened to cut British production from the region by up to 12%. February crude oil futures on the New York Mercantile Exchange closed up 34 cents at $16.95 a barrel after briefly breaking through the $17 mark. Analysts said the accident in the North Sea would shut down about 210,000 barrels a day of British crude oil production. The prospect of disrupted supplies touched off a round of buying in New York, but business was thin as many traders are still away for the Christmas break.
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