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Oil above $101 after threat

business Updated: Dec 06, 2011 20:47 IST

Oil prices recovered to near $101 a barrel on Tuesday after falling on news that a US credit rating agency may cut the debt ratings of 15 euro zone countries.

By afternoon in Europe, benchmark crude for January delivery was up 4 cents to $101.03 a barrel in electronic trading on the New York Mercantile Exchange. In London, Brent crude was up 52 cents at $110.33 on the ICE Futures exchange.