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"Oil prices extended gains from the previous trading session, boosted by signs of tighter supplies and rising geopolitical tensions. Brent crude and WTI were both up 1% to $76.67 and $73.07 a barrel, respectively. Russian oil production slipped further below the country's OPEC+ quota in January, easing concerns over an oversupplied market. Traders await Fed Chair Jerome Powell's testimony for cues on future rate policy."
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