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Oil Prices Rebound as OPEC Signals Further Output Cuts
[2009-02-04 10:52:37]
Oil prices rebounded Tuesday as Organization of Petroleum Exporting Countries (OPEC) signaled it might cut more production to boost prices.
The OPEC warned Tuesday it could cut outputs again on March 15's meeting. The cartel has agreed to cut its output by 4.2 million barrels per day since last year.
Oil prices were also boosted by the equities markets, after better-than-expected U.S. pending home sales data boosted sentiment about the economy.
Light, sweet crude for March delivery rose 70 cents to settle at 40.78 U.S. dollars a barrel on the New York Mercantile Exchange.
In London, the March Brent contract rose 26 cents to settle at 44.08 dollars on the ICE Futures exchange.
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