Price of oil spikes amid market turmoil

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Oil yesterday posted a record one-day gain of $16.37 a barrel, trading as high as $130 before closing at $120.92.

The gain surpassed the previous single-day price increase of $10.75, which occurred June 6.

This morning, oil was trading at $107.30 a barrel. Last week, oil prices had dropped below $100.

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