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Crude oil rises for second consecutive day

15-Jan-09

Crude oil for February delivery rose to US$39.45 a barrel on the New York Mercantile Exchange. As OPEC leaders remarked to increase production cuts announced last month to bolster prices, crude oil rose for the second consecutive day. Saudi Arabia's February output will be lower than the target set at the group's Dec. 17 meeting, while Venezuela expressed support for fresh reductions.

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