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Oil Caps Longest Rally This Year as Oversupply Anxiety Eases

  • U.S. crude production declined last week due to Gulf storm
  • OPEC has no plans to discuss deeper supply cuts, U.A.E. says
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Analyst Cusick Sees Stiff Resistance to Oil at $46

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Oil posted the longest run of gains in six months after U.S. shale explorers paused a record drilling expansion in a sign the boom may be slowing down.

Futures added as much as 2.7 percent in New York, advancing for a seventh session. Shale explorers broke the longest stretch of uninterrupted growth in three decades as rigs targeting crude fell by 2 this week, bringing the total to 756, according to Baker Hughes Inc. data reported Friday. The rig count has more than doubled from a low of 316 in May.