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Oil prices go up

Oil prices rose one per cent on Friday as involuntary supply cuts from Venezuela and Iran plus conflict in Libya supported perceptions of a tightening crude market, while upbeat Chinese economic data eased concerns about waning crude demand.
 
Brent crude oil futures rallied 69 cents to $71.52 a barrel.
 
U.S. West Texas Intermediate (WTI) crude futures rose 56 cents to $64.14 a barrel.


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