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Oil edges up on reduced U.S. drilling activity, booming job market

Reuters  |  SINGAPORE 

By Henning GloysteinSINGAPORE (Reuters) - Oil markets edged up on Monday on the back of a drop in the number of U.S. rigs drilling for more production and as the U.S. economy continued to create jobs, which industry hopes will drive higher fuel demand.U.S. West Texas Intermediate (WTI) crude futures were at $62.10 a barrel at 0407 GMT, up 6 cents, or 0.1 percent.Brent crude futures were at $65.58 per barrel, up 9 cents, or 0.1 percent, from their previous close."A falling rig count and the strong employment data may have helped support prices," said William O'Loughlin, investment analyst at ...

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First Published: Mon, March 12 2018. 10:43 IST
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