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Wed 02 Feb 2009Oil price rises as OPEC hints at further cuts
Oil extended its rise to above $41 a barrel this morning after OPEC said it may deepen record oil supply cuts in an attempt to boost prices, sparking expectations of a shrink in hefty crude inventories.
Firmer equity markets, with Japan's Nikkei average up 0.9 per cent today, also helped oil prices.
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