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Oil price rises on stimulus hopes

BANGKOK (AP) — Oil rose to near $89 a barrel Tuesday in Asia amid hopes China and the U.S. will take new steps to bolster their economies.

Benchmark crude was up 18 cents at $88.61 a barrel at midday Bangkok time in electronic trading on the New York Mercantile Exchange. The contract rose $1.33 to end at $88.43 in New York on Monday. Brent crude was up 11 cents at $103.48 on the ICE futures exchange in London.