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    Oil hovers near $47 as OPEC signals supply cuts (AP)

    Tue, 03/10/2009 - 01:14 EDT - Yahoo!

    Oil hovered near $47 a barrel Tuesday in Asia after OPEC signaled it will likely announce another production cut on Sunday, adding to large supply reductions the cartel has already implemented.

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      Oil prices hovered just above $46 a barrel Tuesday in Asia as traders weighed waning demand and OPEC s compliance with production cuts.

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