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UPDATE 1-Mexico concludes 2020 oil hedge at $49 per barrel - finance ministry

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MEXICO CITY, Jan 3 (Reuters) - Mexico has completed its annual oil hedging program for 2020, the finance ministry said on Friday, after unprecedented challenges slowed the world's largest financial oil deal this year.

The oil hedging program is designed to protect Latin America's second-largest economy against oil price crashes, and guarantees a price of $49 per barrel. It is unclear how many barrels were hedged or how much was spent. (Reporting by Stefanie Eschenbacher in Mexico City and Devika Krishna Kumar in New York; editing by David Alire Garcia)