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Oil rose for a second day on signs that sanctions on Iran are succeeding in cutting the nation’s crude exports.
Oil has climbed this year amid concern European and U.S. sanctions against Iran will lead to military conflict in the Middle East, home to more than half the world’s oil.
Oil for April delivery gained to $1 to $106.62 a barrel (+0.62%) in electronic trading on the New York Mercantile Exchange.
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