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Futures Movers: Oil pauses ahead of U.S. rig data, after logging nearly 7% gain for the week

Oil futures eased on Friday as investors widely moved to the sidelines in commodities and equities after this week’s strength.

Crude has risen every day this week, gaining 7% in the process to hit two-month highs amid a raft of positive data points and a renewed commitment from the Organization of the Petroleum Exporting Countries to rein in production and exports.

Analysts say later Friday’s weekly report on U.S. oil-rig activity will be an important factor in determining how producers there are coping with prolonged soft prices. After strong growth in the first half of this year, increases have largely stopped this month.

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