Social and political turbulence within major oil producing countries, Venezuela and Libya have pushed oil prices up one percent on Friday.
The market shakeup is due to supply cuts from Venezuela and Iran as well as the ongoing conflict in Libya.
The situation feeds the perception of a tightening crude market; however, positive Chinese economic data has allayed fears of a shrinking demand in crude.
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.
Carol Maye, Readers Bureau, Fellow
Edited by Jesus Chan
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