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Oil prices rally to close above $52
World Business News |
2007/01/17
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Oil prices rallied more than $1 Wednesday to close above $52 after floundering through a volatile trading session that saw crude briefly bottom at a new 19-month low. The market searched for direction in the lull between Tuesday's comments by Saudi Arabia's oil minister advocating no further production cuts and Thursday's scheduled release of petroleum inventory data. A barrel of crude hasn't settled below $50 since May 24, 2005. But prices came close Tuesday, sliding as low as $50.28 in early trading before recouping the losses. The price of crude has plunged 14 percent since the year began due to weeks of unusually warm weather in the Northeast and an influx of short positions in the market, or bets that prices would fall. |
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Class action or a representative action is a form of lawsuit in which a large group of people collectively bring a claim to court and/or in which a class of defendants is being sued. This form of collective lawsuit originated in the United States and is still predominantly a U.S. phenomenon, at least the U.S. variant of it. In the United States federal courts, class actions are governed by Federal Rules of Civil Procedure Rule. Since 1938, many states have adopted rules similar to the FRCP. However, some states like California have civil procedure systems which deviate significantly from the federal rules; the California Codes provide for four separate types of class actions. As a result, there are two separate treatises devoted solely to the complex topic of California class actions. Some states, such as Virginia, do not provide for any class actions, while others, such as New York, limit the types of claims that may be brought as class actions. They can construct your law firm a brand new website and help you redesign your existing law firm site to secure your place in the internet. |
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