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EOG Resources (EOG) Stock Higher with Oil Prices

NEW YORK (TheStreet) -- Shares of EOG Resources (EOG - Get Report) closed higher by 4.62% to $80.62 on Monday, as oil prices increased on a weaker dollar and lower production.

On Friday, oil services company Baker Hughes (BHI) reported that the U.S. rig count fell by 26 rigs to 614 last week, more than analysts were expecting, according to the Wall Street Journal.

Following the report, Goldman Sachs (GS) said on Friday that it estimates U.S. production will decline in 2016 by 225,000 barrels per day, compared to production in 2015, the Journal reports. The week prior, Goldman Sachs had estimated 2016 production to be 185,000 barrels per day lower.

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However, last week Russia announced that in September it produced an amount of oil not seen since the fall of the Soviet Union, and on Sunday Saudi Arabia cut its prices to maintain market share, the Journal adds.

Russia did say it would consider meeting with other producers to discuss the market...


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