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2017.02.2414:48:00UTC+00Crude Oil Slides As U.S. Rig Count Continues To Surge

Crude oil futures eased from 2017 highs on Friday, holding losses after data showed U.S. oil rig count jumped for the 15th week in 16.

Nymex April oil futures ended 46 cents lower at $53.99 a barrel

The US oil-rig count increased by five to a total of 602?this week, according to Baker Hughes.? That's nearly double the lowest point after the oil market crash a few years ago.

Earlier this week, the EIA said U.S. oil inventories continued to swell, jumping another 600,000 to record highs.

In economic news, consumer sentiment in the U.S. pulled back by less than initially estimated in the month of February, according to a report released by the University of Michigan on Friday.

Meanwhile, the Commerce Department released a report on Friday showing that new home sales rebounded in the month of January.

New home sales climbed by 3.7 percent to an annual rate of 555,000 in January after slumping by 7.0 percent to a revised 535,000 in December.

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