January 7, 2011 4:52 PM

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Oil rises in Asian trade

Crude oil prices rose to near 89 dollars a barrel in Asia, today, as traders looked to an important monthly employment report for signs that the US economy is strengthening.Benchmark crude for February delivery rose 47 cents, to 88.85 dollars a barrel on the New York Mercantile Exchange. The contract had lost 1.92 dollars, to settle at 88.38 dollars, yesterday.Investors will be closely watching the December nonfarm payroll figures scheduled to be released later today after mixed signals about the jobs market so far this week.Most analysts have forecast that oil prices will pierce the 100 dollar level this year, but others expect global economic growth to weaken in 2011, dragging on crude demand.

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