Crude oil rose for the first time in three days as on Friday 13th February as more producers announced cutbacks in response to the seven-month downslide in prices. Total SA said on Thursday, it would reduce spending and curtail exploration, while Apache Corp. cut its rig count by 70%. Oil demand is increasing and there are indications that prices are stabilizing, according to Saudi Arabia's oil minister Ali al-Naimi. Oil tanker loadings were delayed in Iraq's Basra oil terminal due to bad weather.
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