Market watch: NYMEX crude oil futures price breaks $27/bbl Wednesday

Crude oil futures prices rallied Wednesday after two weekly reports showed a decline in US inventories, driving the crude oil price on the New York Mercantile Exchange above $27/bbl. Resurgent Middle East hostilities also contributed to the price strength, with the prospect looming that Israel would launch military reprisals today against Palestinian strongholds in the Gaza Strip for another suicide bombing that left 15 dead in Israel Tuesday.

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