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Actionable news in ECA: ENCANA CORPORATION,

Here's Why Encana (ECA) Stock is Rallying Today

NEW YORK (TheStreet) -- Encana (ECA - Get Report) stock is higher by 3.67% to $7.35 on Friday afternoon, as oil prices popped on fresh rig count data from Baker Hughes (BHI).

The U.S. oil rig count dropped by 8 to 343 this week, the fifth consecutive weekly drop, and the lowest level since November 2009, Baker Hughes said this afternoon.

It appears that market sentiment is turning more positive as it sees signs of an easing supply glut.

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