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The Oil Patch

The chart above may be misleading, however, as the barrel has not recovered all its losses.  The top of this chart is $110.  But the barrel was up to $125 further back and off the chart to the left.  Check out the monthly averages below.  That gives a better picture.  The oil price was steady much of last year around $108, then surged in the first quarter of 2012 after new EU and US sanctions were announced, then plummeted in the second quarter and has now returned to where it was before the new sanctions.

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