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Oil Prices Rose on OPEC Cuts Concerns
Oil prices rose more than $1 to settle above $55 a barrel Friday on concerns that
Oil prices rose more than $1 to settle above $55 a barrel Friday on concerns that producers were complying with OPEC's production cuts and on expectations of continued blustery weather in the Northeast.
Light, sweet crude for March delivery on the New York Mercantile Exchange rose $1.19 to settle at $55.42 a barrel. In a volatile week of trading, oil prices have climbed nearly 6.6 percent after dipping below $50 a barrel last week.
On the ICE Futures exchange in London, Brent crude settled at 55.29 a barrel, up $1.17.
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