Oil rises after sharp declines

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Oil prices rose on Monday to catch up with pressure over the past month as rising production in the United States, Libya and Nigeria weakened the impact of an OPEC-led initiative to support the market by cutting output. Brent crude futures were up 17 cents at $ 47.54 a barrel by 1015 GMT. US crude oil futures rose 15 cents to $ 44.89 a barrel.

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