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Oil Up 2% On Short Covering, Hope For Producer Action

stander
stander
in Oil, Gas and Energy News

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NEW YORK, Aug 12 (Reuters) - Oil rose about 2 percent on Friday, clinching its biggest weekly gains since April, after a short covering rally was triggered by comments from Saudi Arabia's oil minister in the previous session about possible action to help stabilize the market.

Crude pared some gains after data showed U.S. oil drillers added rigs for a seventh straight week, the longest recovery in the rig count in more than two years. They added 17 rigs, the biggest increase since December.

Brent crude futures settled 93 cents higher at $46.97 at barrel after touching $47.05, the highest in more than three weeks.

http://www.downstreamtoday.com/news/article.aspx?a_id=53143

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