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Oil prices up on OPEC demand estimate, Mideast tensions and US output.

Oil prices rose on Thursday as OPEC forecast relatively strong growth in global oil demand over the next two years and the market eyed disrupted U.S. oil production amid a cold blast, as well as geopolitical tensions in the Middle East.

Brent crude futures gained 21 cents, or 0.3%, to $78.09 a barrel by 0505 GMT, while U.S. West Texas Intermediate crude futures rose 40 cents, or 0.6%, to $72.96.

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