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Nov. 25, 2020, 1:34 p.m. EST

Oil exends gains despite rise in rig count

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By William Watts

Oil futures traded higher Wednesday, extending gains in late trade despite a rise in the number of U.S. oil rigs. West Texas Intermediate crude for January delivery on the New York Mercantile Exchange was up $1.14, or 2.5%, at $46.05 a barrel. Oilfield-services firm Baker Hughes said the number of U.S. oil rigs rose by 10 to 241 this week. The data was released two days ahead of schedule due to Thursday's Thanksgiving Day holiday.

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