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January 27, 2014 AT 5:15 AM
The price of oil inched up to around $97 a barrel Monday but gains were tempered by the prospect of a further reduction in U.S. central bank stimulus and stock market headwinds. By early afternoon in Europe, benchmark U.S. crude for March delivery was up 39 cents at $97.03 a barrel in electronic trading on the New York Mercantile Exchange. Oil prices advanced despite slumping global equity markets and significant weakness among emerging-market currencies.