Oil for May delivery rose as much as 38 cents, or 0.4 percent, to $106.45 a barrel in electronic trading on the New York Mercantile Exchange at 11:19 a.m. Sydney time.

Futures dropped $2.49 percent yesterday to $106.07, the lowest close since March 15. The April contract, which expired at the end of floor trading yesterday, fell 2.3 percent to $105.61, the biggest decline in three months.

To contact the editor responsible for this story: Paul Gordon at pgordon6@bloomberg.net

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