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Crude futures rebound sharply on Friday

Crude oil futures though rose sharply higher on Friday but they snapped their five weeks gaining streak, as investors weighed rising US output amid a fall in expectations that OPEC will extend its deal to curb output. Also adding to fears of an increase in global crude supplies was a report on Thursday indicating Iraq and Turkey were considering resuming Kirkuk oil export from the Ceyhan pipeline. Meanwhile, oil services firm Baker Hughes released its count of oil rigs operating in the US, saying remained unchanged from a week ago at 738.

Benchmark crude oil futures for December delivery ended higher by 2.6 percent at $ 56.55 a barrel on the New York Mercantile Exchange. Brent crude for January delivery was up by 2.15 percent to $62.68 a barrel on the ICE.

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