Oil prices rose above $78 a barrel Tuesday in Asia, spurred by bargain hunting amid a weaker dollar and after gains in European shares. Benchmark crude for February delivery was up 35 cents to $78.35 a barrel in electronic trading at early afternoon Kuala Lumpur time on the New York Mercantile Exchange. On Monday, the contract fell to as low as $77.07 before settling at $78 in European trade. The U.S. markets were closed Monday for the Martin Luther King public holiday. European stock markets rose Monday amid speculation of a pickup in corporate dealmaking.