Oil Caps Biggest Weekly Drop Since March as U.S. Rig Count Rises
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Crude capped the biggest weekly decline since March after an industry report showed that the number of U.S. oil rigs in use advanced for the first time this year.
The number of active oil rigs in the U.S. rose by 12 to 640 this week, ending the longest decline on record, according to data compiled by Baker Hughes. Futures gained earlier as a government report showed that the U.S. created more than 200,000 jobs for a second month in June.