Oil rises above $106 a barrel on lower US fuel inventories

SINGAPORE – Oil prices have risen above $106 a barrel after soaring more than $4 in the previous session as lower US fuel inventories and the falling US dollar spurred buying.

Light, sweet crude for May delivery added 26 cents to $106.16 a barrel in Asian electronic trading on the New York Mercantile Exchange by midmorning Thursday in Singapore.

The contract rose $4.68 to settle at $105.90 a barrel Wednesday.

ASSOCIATED PRESS

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