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Oil prices rise on lower US rig count, but glut weighs on sentiment

Analysts see little relief from proposed oil production freeze by Russia and Opec

The US oil rig count continued to decline, with a total of 26 rigs idled and the current rig count implied annual average US production would decrease by 445,000 barrels per day yoy (year-on-year) in 2016, Goldman Sachs said.


OIL prices jumped on Monday following steep losses in the previous session, supported by a fall in the US rig count, but analysts said general oversupply was keeping the market weak.

The International Energy Agency (IEA) said in a report on Monday that world oil prices...

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