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Oil prices rise in Asian trade

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(Globalpost/GlobalPost)

Oil prices rose in Asia on Thursday but analysts said the eurozone's economic woes continue to cast a shadow on the market.

New York's main contract, light sweet crude for delivery in May gained 17 cents to $96.75 a barrel and Brent North Sea crude for May delivery advanced 11 cents to $109.80 in mid-morning trade.

Analysts however said market remains weighed down by lingering economic problems in the eurozone, highlighted by an 11th-hour deal that averted a banking collapse in Cyprus, continue stoke investor concerns.

"While the Cyprus saga has still to play out, attention has already turned to who could be next for a similar bailout. Fingers are pointing at Slovenia, Malta and Luxembourg," IG Markets Singapore said in a report.

"The fact that there are so many candidates in line for help doesn't bode well for the region's three-year-long debt crisis," it added.

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http://www.globalpost.com/dispatch/news/afp/130328/oil-prices-rise-asian-trade