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Oil prices soar in Asian trade after Fed QE3 news

Friday, 14 September, 2012, 12:08pm

AFP in Hong Kong

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Oil prices rallied in Asia on Friday as traders celebrated a fresh round of quantitative easing announced by the US Federal Reserve, analysts said. New York’s main contract, light sweet crude for delivery in October surged 65 US cents to US$98.96 a barrel in mid-morning trade and Brent North Sea crude for November delivery added 56 US cents to US$116.44.

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