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Crude Prices Rise On Supply Concerns

Crude oil prices rose on Friday as supply concerns and the low inventory levels lifted the prices for the black fluid.

Brent crude for March settlement on Friday traded between a high of $85.73 and a low of $84.00.

It is currently trading at $85.04, up 0.67 percent from Thursday's close of $84.47.

Likewise, West Texas Intermediate crude for February settlement traded between a high of $83.27 and $81.58.

It is currently trading at $82.47, having gained 0.43 percent from Thursday's close of $82.12.

Markets await the release of the Baker Hughes Total Rig Count and Baker Hughes Oil Rig count for the week ending January 14, later in the day for cues on likely price movements.

Total Rigs count had increased to 588 in the week ended January 7th, from 586 in the previous week. The crude oil rig count had increased to 481 in the week ended January 7th, from 480 in the previous week.

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