FB:Oil above $87 amid improving US consumer demand
SINGAPORE -- Oil prices hovered above $87 a barrel Tuesday in Asia amid signs of improving consumer demand in the U.S.
Benchmark oil for October delivery was down 19 cents to $87.08 at late afternoon Singapore time in electronic trading on the New York Mercantile Exchange. Crude rose $1.90 to settle at $87.27 on Monday.
In London, Brent crude for October delivery was down 35 cents at $111.53 on the ICE Futures exchange.
Crude has jumped 16 percent from near $76 three weeks ago amid growing investor optimism the U.S. economy may not slip into recession in the second half.
On Monday, the Commerce Department said consumer spending, which accounts for 70 percent of the nation's economic activity, increased in July by the biggest amount in five months.
A rally in global stock markets also helped boost crude prices. The Dow Jones industrial average rose 2.3 percent Monday and most Asia stock markets gained Tuesday.
