Mexican Red Rice (Arroz Rojo)

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1 tablespoon vegetable oil

1 cup long grain white rice

1/3 cup finely chopped white onion

1 clove garlic, minced

2 1/4 cups chicken broth

3 tablespoons tomato paste

1 1/4 teaspoon kosher salt

1 serrano chile

1 fresh cilantro sprig