SHOOT: Oil is very high for a recession.
Oil has slumped from its 2009 high of $82 a barrel last month as the dollar reversed some of its earlier losses. The euro rose to $1.4757 in Asian trading Monday from $1.4714 on Friday while the dollar rose to 90.15 yen from 89.67.
"(Oil) prices may not retract too sharply, but the balloon of irrational exuberance has been, at least temporarily, deflated," energy consultancy The Schork Group said in a report Monday.
In other Nymex trading, heating oil rose 1.08 cents to $2.02 a gallon. Gasoline for December delivery gained 0.45 cent to $1.96 a gallon. Natural gas for December delivery jumped 4.3 cents to $5.05 per 1,000 cubic feet.
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clipped from news.yahoo.com
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