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

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