Oil Resumes Rally on China Stimulus as U.S. Rig Count Declines

April 20, 2015 1:44 AM

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Oil resumed its rally as China took steps to stimulate its economy and drillers in the U.S. reduced the number of active rigs to the fewest since November 2010.

Futures advanced as much as 1.2 percent in New York after trimming a fifth weekly gain. China on Sunday announced the biggest cut to the amount of cash lenders must set aside as reserves since the global financial crisis after a report showed slowing economic growth. Rigs targeting oil in the U.S. d...

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