SINGAPORE (AP) — Oil prices hovered near $80 a barrel today in Asia after the U.S. economy snapped four straight quarters of contraction, suggesting demand for crude will improve.
Benchmark crude for December delivery was down 31 cents to $79.56 a barrel at late afternoon Singapore time in electronic trading on the New York Mercantile Exchange. The contract rose $2.41 to settle at $79.87 on Thursday.
Oil is approaching its high for 2009 of $82 a barrel on evidence the U.S. economy, the world's largest, is recovering.
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