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Oil Holds Near $68 as Rising U.S. Drilling Counters OPEC Curbs

Oil held near $68 a barrel as increasing drilling in the U.S. countered price gains driven by OPEC’s plans to continue tightening crude inventories.

Futures in New York dropped as much as 0.8 percent after data showed American drillers added five working oil rigs last week, stoking fears over surging U.S. output. The May oil contract gained 1.5 percent last week before expiring Friday as OPEC producers said supply curbs should continue in order to revive investments in oil and gas production.

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