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Weak yen pushing crude oil higher in Japan

TOKYO -- Japanese oil companies are paying more to import crude, with prices of long-term contracts with Saudi Arabian producers hitting a half-year high.

     Japan imports about 80% of its crude under long-term contracts from such leading oil-producing nations as Saudi Arabia. The May contract price of Arabian Light came close to $63 a barrel, up 9% from April and 40% from January.

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