Oil climbed on Friday for a seventh straight session as a decrease in the U.S. rig count and stronger demand data from China lifted depressed prices that still finished the first half with the biggest decline for that period since 1998.
U.S. drillers decreased their number of rigs for the first time since January, according to energy services company Baker Hughes. [RIG/U] The rig count had risen for the previous 23 weeks.
Earlier, Chinese data showed factories grew at the quickest pace in three months. Rob Haworth, senior investment strategist at U.S. Bank Wealth Management, said the Chinese data “certainly gives you hope that demand is growing globally.”
U.S. crude futuressettled up $1.11, or around 2.5 percent, to $46.04 a barrel. Benchmark Brent crude futuressettled up 50 cents at $47.92 a barrel.
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