Oil stable on lower U.S. rig count, expectation of ongoing Saudi output restraint

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© Reuters. Pump jacks pump oil at an oil field on the shores of the Caspian Sea in Baku

Oil prices stabilized on Monday, after a 2 percent slide on Friday, as the number of rigs drilling for new oil in the United States dipped and on expectations that Saudi Arabia would continue to restrain its output to support the market.

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