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Fears of tight supplies lift oil prices

West Texas Intermediate futures rose by 5 cents to $73.85 per barrel on Monday, while Brent futures closed up 96 cents at $78.07 per barrel. "There is concern that the Saudi and Russian increases in production might [not] be nearly enough to offset, not just Iranian production, but also supply disruptions that we're seeing from Libya, Nigeria and Canada," said Lipow Oil Associates President Andrew Lipow.

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