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Oil up as US rig count falls for 7th straight week

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Published Sun, Oct 18, 2015 · 09:50 PM

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    New York

    OIL prices rose nearly 2 per cent on Friday as traders covered short positions after four days of sharp losses, and as data showed the US oil rig count fell for a seventh straight week.

    US crude and Brent remained on track for steep weekly losses after the International Energy Agency predicted on Tuesday that the global market would remain oversupplied through 2016.

    Commodities

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