Oil futures fell on Friday after a choppy session, breaking a streak of six straight days of gains as traders weighed the continuing steep decline in the US rig count against the persistent global surplus of crude oil. "While market sentiment remains optimistic and focused on specific details such as the declining US drilling rig count and the apparent recent slowing in US crude oil production, we continue to see the recent increase in Opec crude oil production as only expanding the global supply/demand surplus," said Tim Evans of Citi Futures.
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