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Oil above $78 in Asian trade

Oil prices moved above $78 a barrel in Asian trade today as a weaker US dollar helped boost demand, analysts said. New York"s main contract, light sweet crude for January delivery, advanced 79 cents to $78.26 a barrel in morning trade. The December contract, which expired at the weekend, closed at $76.72 in New York last Friday. "The oil market has shown that it"s going to be very difficult to sustain pricing above 80 dollars because of the weak fundamentals and the uncertainty to sustain the global economic recovery," he added.

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