UPDATE 8-Oil rises 1 pct on tightening crude supply, upbeat economic data



NEW YORK, April 12- Oil prices rose 1 percent on Friday as involuntary supply cuts from Venezuela and Iran plus conflict in Libya supported perceptions of a tightening crude market, while upbeat Chinese economic data eased concerns about waning crude demand. "Equities are getting off to a good start with earnings season and the dollar index being weaker helps…



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