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(Oil Prices Rise as U.S. Working Oil Rigs Records Biggest Drop Since May 2016)
Oil prices rose on Monday as Baker Hughes data released on Friday showed working oil rigs in the U.S. fell by nine to 860 last week, the biggest drop since May 2016.“Falling U.S. rig counts and last week’s decline in U.S. inventories are supporting oil prices amid a protracted U.S.-China trade war that could dampen global growth and weigh on oil demand,” said Stephen Innes, head of trading for the Asia Pacific region at Oanda Corp. “Despite growing concerns about a potential oversupply, the markets will continue to get a fillip from U.S. sanctions against Iran.”
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