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Price strength is a boost for major oil producers

Oil prices have hit their highest levels in more than three years, hovering around the $70 per barrel mark.

Tensions in Iran, OPEC curbs on production and a surprise drawdown in US crude inventories have all contributed to the rise.

This is good news for major oil producers like BP (BP.) and Royal Dutch Shell (RDSB) and should help underpin their generous dividends. Shares plans to take an in-depth look at the oil sector in an upcoming issue.

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