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Nabors Industries (NBR) Stock Surges, Oil Heads For a Third Week of Gains

NEW YORK (TheStreet) -- Nabors Industries (NBR - Get Report) shares are jumping 3.73% to $10.84 on Friday afternoon, boosted by oil as investors turned more positive on the overall market, seeing signs of an easing supply glut.

On Wednesday, the Energy Information Administration (EIA) said U.S. output fell to 8.953 million barrels a day, down from a leak of 9.7 million last April.

Along with this bullish sign, traders pointed out strong crude imports to China in March, giving prices some support, Reuters reports.

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