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Crude Oil Hits $50 Again, Rig Count In Focus

Crude oil prices continued to rise Friday morning, touching the psychologically important $50 mark amid expectations the global supply glut is dwindling.

U.S. inventories have fallen six weeks in a row from record highs, while OPEC is expected to extend its supply quota plan with Russia next week.

Analysts say Saudi Arabia wants to extend the plan by up to 9 months through next winter.

WTI light sweet crude oil was up 66 cents at $50 a barrel, the highest since April.

The Baker Hughes North American rig count that tracks weekly changes in the number of active operating oil & gas rigs will be published at 1.00 pm ET. The North American Rig Count was 965, while U.S. rigs were 885.

by RTTNews Staff Writer

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