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Crude rises on war talk

Monday, Nov. 11, 2002 | 9:45 a.m.

LONDON -- Crude oil prices rose today after U.S. officials said they don't see Iraq complying with a United Nations resolution to allow unfettered access to weapons inspectors, increasing the possibility of war.

Brent crude oil for December settlement rose as much as 52 cents, or 2.2 percent, to $24.10 a barrel on the International Petroleum Exchange in London. Brent, the benchmark for two-thirds of the world's oil, has risen 21 percent this year on concern a war in Iraq would disrupt exports from the Persian Gulf.

In the United States, crude oil for December delivery rose as much as 40 cents, or 1.6 percent, to $26.18 a barrel in electronic trading on the New York Mercantile Exchange.

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