Oil Rebounds as U.S. Rig Count Drop Seen Curbing Crude Output
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Crude in New York climbed to the highest level this year amid speculation that a drop in U.S. oil drilling activity will curb production.
Futures advanced 3.5 percent in New York. U.S. crude output slipped from a record in the week ended March 27, according to the Energy Information Administration. Drillers idled oil rigs for the 17th straight week, bringing the total count down to the lowest level in more than five years.