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COMMODITIES

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

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Baker Hughes Inc reported that the US oil rig count dropped by 10 to 595 last week, the lowest since July 2010.

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

sentifi.com

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