Oil prices rose on Friday as U.S. hedge funds raised their bullish bets on crude prices, and President Donald Trump appointed John Bolton as the new national security adviser, who is seen as more hawkish on Iran. Front-month U.S. West Texas Intermediate crude futures surged 2.38 percent at $65.74 a barrel. Front-month Brent crude futures jumped 2.21 percent to $70.36 a barrel. The spread between the two benchmarks stood at $4.62 a barrel.

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