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Oil at US$53; Kuwait sees price rise continuing

Futures unchanged after 3.1% rise

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Oil is rebounding from the lowest prices in almost six years as US drillers cut the number of rigs in service to the fewest since August 2011.

Melbourne

OIL held near US$53 a barrel in New York as Kuwait's oil minister predicted that a price rebound will continue amid a shrinking surplus.

Futures were little changed after rising 3.1 per cent on Feb 13. Floor trading was closed on Monday for a holiday.

Prices have

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