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Rise in Oil prices

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The rise in price of oil and improved stocks in the US on Friday was more than five years, owing to the sentiment of the consumers, exceeding concerns that the US fiscal cliff and the financial woes of Europe may result in global recession. The improved stocks in the US later had to cut down on gains following the declaration by US President Barack Obama that in order to handle any sort of deal with the Congress to prevent fiscal crisis needs to come with greater taxes levied on the richest Americans.

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