Oil prices up in Asia on Cyprus bailout deal

SINGAPORE: Oil prices rose in Asian trade Monday after Cyprus and its international creditors struck a 10-billion-euro bailout deal, averting a collapse of the country's banking system.

New York's main contract, light sweet crude for delivery in May added 42 cents to $94.13 a barrel and Brent North Sea crude for May delivery increased 44 cents to $108.10 in mid-morning trade.