Oil rises after sharp declines


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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