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Oil rises above $30 for first time in two months on output cuts

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Futures in New York climbed around 4% after almost doubling in a run of three weekly advances Oil rose above $30 a barrel for the first time in two months as producers in the U.S.

and elsewhere continued to cut activity, helping to rebalance a market that was thrown into disarray by coronavirus lockdowns.

Futures in New York climbed around 4% after almost doubling in a run of three weekly advances. The number of drilling rigs in the U.S.

fell for a ninth week to levels not seen in more than a decade, while stockpiles at the key storage hub in Cushing, Oklahoma, shrank for the first time since late February.

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