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Crude Oil Prices Rise on Reports of Blast at Libyan Oil Pipeline
U.S. traders returning to their desks after the Christmas holiday were also digesting the most recent Baker Hughes’ weekly rig count data. According to the data released after Friday’s market close, the number of U.S. rigs targeting oil remained unchanged at 747, giving a brief sigh of relief to traders concerned over the possibility that increasing U.S. shale production could offset production cuts by OPEC and non-OPEC major oil producers led by Russia.