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Commodity Corner: Oil Nears $79

July 31, 2010 By: RigZone Category: RigZone

Despite a U.S. Commerce Department report indicating slower gross domestic product growth in the second quarter, crude oil for September delivery settled near $79 Friday.

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“About 80% of the world's readily accessible reserves are located in the Middle East, with 62.5% coming from the Arab 5: Saudi Arabia, UAE, Iraq, Qatar and Kuwait.”
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