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Shares of Allergan rose 0.8 percent to $237.85 in mid-morning trading. Icahn, who did not disclose details of the stake, said in a statement on his website that he was confident in Saunders' ability to enhance value for all Allergan shareholders. Allergan has "no reason to believe that this investment was made for purposes of influencing the actions of management or control of the company," spokesman Mark Marmur said in an emailed statement.
Oil prices rose on Tuesday, heading for the four straight monthly gain, with investors betting on higher U.S. fuel demand as peak driving season arrived in the No. 1 oil consumer. Data from market intelligence firm Genscape showed a drawdown of 686,700 barrels at the Cushing, Oklahoma delivery point for U.S. crude futures in the week to May 27, traders said, a report that provided further support to oil. Strong U.S. consumer spending data also supported oil prices, despite concerns that a robust economy could encourage the Federal Reserve to raise interest rates soon.