Oil Tops $53 As Baker Hughes Reports Drop In U.S. Rig Count

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Oil futures briefly topped $53 a barrel on Nymex shortly after Baker Hughes reported that U.S. oil and natural-gas rig counts as of Feb. 13 fell 98 rigs to 1,358. The rig count is down 406 from the same time last year. March oil on Nymex traded as high as $53.10 a barrel immediately after the data were released. It was last at $52.96, up $1.76, or 3.5%.

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