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Oil prices rose above $107 a barrel Tuesday in Asia as traders bet an improving U.S. economy will boost demand at a time when the ability to increase crude production is limited.
Benchmark oil for April delivery was up 68 cents to $107.02 at midday Singapore time in electronic trading on the New York Mercantile Exchange. The contract fell $1.06 to settle at $106.34 per barrel in New York on Monday. Brent crude was up 19 cents at $125.53 per barrel in London.