Oil Surges Most Since June 2012 as Low Price Seen Curbing Output
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Crude in New York advanced the most since June 2012 after a drop in the U.S. rig count signaled the slump in prices over the past seven months will curb output.
Oil capped the biggest weekly gain since July 2013 after Baker Hughes Inc. reported the oil rig count fell to a three-year low of 1,223. Chevron Corp. on Friday became the latest oil company to cut spending in response to free-falling prices.