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Monday September 22, 2:24 pm ET
Oil prices shoot up over $25 a barrel as anxiety over US bailout weighs on dollar
NEW YORK (AP) -- Oil prices are spiking more than $25 a barrel as rising anxiety over the U.S. government's proposed bailout of the financial system batters the dollar and sends investors scrambling for safe-haven assets.
Investors worried Monday that the mammoth $700 billion rescue proposal will dramatically ramp up U.S. borrowing, an inflationary move that sent the dollar sharply lower versus its rivals.
Light, sweet crude for October delivery was up $25.45 to $130.00 on the New York Mercantile Exchange.