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Oil Climbs 2 Percent to Over $105.12

WTI oil futures have recovered earlier losses to climb to session highs over $105 a barrel, after positive data on the U.S. manufacturing sector and a flow of money into commodities at the start the new quarter.

Some traders say the move to Monday's intraday high of $105.12 a barrel for WTI futures is fueled by short-covering more than fresh long positions in the market.

But other fundamental data is mixed.

As Citi futures analyst Tim Evans points out: "European unemployment data was a reminder of the fragile nature of EU economics, and an OPEC production survey by Dow Jones confirmed an increase in overall output for March."

Follow Sharon on Twitter: @sharon_epperson

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  • Patti Domm

    Patti Domm is CNBC Executive Editor, News, responsible for news coverage of the markets and economy.

  • A CNBC reporter since 1990, Bob Pisani covers Wall Street from the floor of the New York Stock Exchange.

  • CNBC Senior Commodities Correspondent and Personal Finance Correspondent

  • JeeYeon Park is a writer for CNBC.com. Follow her on Twitter: @JeeYeonParkCNBC

  • Rick Santelli joined CNBC Business News as an on-air editor in 1999, reporting live from the floor of the Chicago Board of Trade.

  • Senior Producer at CNBC's Breaking News Desk.