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Energy Blast – Jan 5th, 2009

Oil prices rose nearly 3% today after an Iranian military commander reportedly called for an oil boycott over Israel’s offensive in the Gaza Strip and on worries over the deepening Russian gas supply row.  Last month’s steep plunge in prices suggest that oil could rally in 2009.  Operations have restarted at Bosnia’s oil refinery in Brod – this report calls it ‘political capital‘ for Russia, which financed the refinery.