SINGAPORE--Oil prices rose above US$86 a barrel Tuesday in Asia as investors looked to a U.S. central bank meeting this week for measures to boost economic growth.
Benchmark oil for October delivery was up 81 cents at US$86.51 at late afternoon Singapore time in electronic trading on the New York Mercantile Exchange. Crude dropped US$2.26 to settle at US$85.70 on Monday.
In London, Brent crude for November delivery was up 70 cents at US$109.84 on the ICE Futures exchange.
In other Nymex trading for November contracts, heating oil rose 1.3 cents to US$2.97 per gallon and gasoline futures gained 1.1 cents to US$2.69 per gallon. Natural gas for October delivery added 1.9 cents to US$3.85 per 1,000 cubic feet.
Crude has traded between US$80 and US$90 for more than a month as traders wait for evidence Europe can solve its debt problems and whether the U.S. will slip into recession.
