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Oil Pulls Energy Sector Higher; Grains, Beans Up On Export News.(B)(FUTURES)
By Reuters
Oil prices jumped Thursday as speculators pushed the market higher against a background of tight U.S. supplies and production cuts by producers.
In other commodity markets, gold prices rose and palladium was steady in thin trade. Corn and soybeans rose on export prospects.
F U T U R E S
At the New York Mercantile Exchange, crude oil looked set to test the $30-per-barrel barrier on the basis of tight supplies.
Thursday marked the st
art of production cutbacks totaling 1.5 million barrels a day by producers fromthe Organization of Petroleum Exporting Countries. OPEC agreed to that move onJan. 17 as a way to bolster prices.
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