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Crude Oil strengthens In Asia

Oil traders in Asia reacted positively to the drop in the US rig count. However, the gains are being viewed with skepticism, since the problem of oversupply is still very much intact. Major producers are pumping oil at near record high levels, while there is no sign of them reaching a production freeze deal.

OPEC-member Iran has shown little interest in restraining production as it was only allowed a full return to oil markets in January following years of sanctions.

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