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Oil at US$53; Kuwait sees price rise continuing

Futures unchanged after 3.1% rise

Melbourne

OIL held near US$53 a barrel in New York as Kuwait's oil minister predicted that a price rebound will continue amid a shrinking surplus.

Futures were little changed after rising 3.1 per cent on Feb 13. Floor trading was closed on Monday for a holiday.

Prices have recovered faster than expected...

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