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By Himanshu Ojha LONDON (Reuters) - Brent crude futures held above $48 on Tuesday as a weaker dollar offset the impact of a global supply glut, with traders questioning if the nearly 60 percent price fall since June has run its course. "The market is looking for the right momentum to push oil prices higher," said Hans van Cleef, senior energy economist at ABN Amro bank in the Netherlands. U.S. West Texas Intermediate (WTI) crude futures were up 25 cents at $45.40 a barrel. Oil prices have slumped nearly 60 percent since peaking in June, driven lower by ample supplies from the U.S. shale oil boom and a decision by the Organization of the Petroleum Exporting Countries (OPEC) not to cut output quotas.
Britain's economy grew in 2014 at the fastest annual pace since before the financial crisis, despite a fourth-quarter slowdown, official data showed Tuesday in a pre-election boost to the government. Economists said the data was welcome news for the Conservative-Liberal Democrat coalition government, which faces an election in 100 days' time in May. The economy's 2014 performance marked an acceleration from 1.7-percent growth in 2013 and was in line with expectations, but undershot the government's official forecast for expansion of 3.0 percent. The announcement bolstered expectations that Britain was likely to have been the world's fastest growing major economy in last year.