SINGAPORE (AP) — Oil prices hovered near $80 a barrel Friday 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.
The Commerce Department said the U.S. economy grew at a 3.5 percent annual pace in the third quarter, the best showing in two years and breaking four straight quarters of declines.
The Dow Jones industrial average jumped 2.1 percent Thursday and all major Asian stock indexes rose in early trading Friday.
“The move higher in oil prices is, in our view, fundamentally justified,” Barclays Capital said in a report. “On the macroeconomic front, so far the path of recovery has surprised to the upside.”
In other Nymex trading, heating oil was steady at $2.05 a gallon. Gasoline for November delivery held at $2.02 a gallon. Natural gas for December delivery jumped 2.6 cents to settle at $5.09 per 1,000 cubic feet.
In London, Brent crude for December delivery fell 49 cents to $77.55 on the ICE Futures exchange.
Business
<img src=" http://www.joplinglobeonline.com/images/zope/friday.gif" border=0> Oil hovers near $80 as US economy recovers
- Business
-
-
Stocks fall on Wall Street as Spanish bank teeters
Another flare-up in Europe’s debt crisis knocked U.S. markets lower Friday. This time, it was more trouble at a major Spanish bank.
-
5 Spanish banks downgraded; Bankia seeks 19 billion euros in aid
The outlook for the Spanish banking system worsened sharply Friday when Standard & Poor’s slashed the credit ratings of five banks and said the country is headed into a double-dip recession.
-
Europe debt crisis dragging world economies down
The Eurozone debt crisis is intensifying a global slowdown, with new signs that even powerhouse Germany may be faltering, adding to worries about China and other major pillars of economic growth.
-
US declines to label China a currency manipulator
The Obama administration may be getting tougher with China on trade, but its approach in dealing with Beijing on the thorny currency issue remains patient diplomacy.
-
Facebook ads less than lucrative for many businesses
As the public joined the frenzy around Facebook Inc.’s Wall Street debut, well-connected institutional investors were hearing a more sobering message: The social network’s main business, advertising, was sputtering.
-
New Orleans Times-Picayune cuts paper publication to 3 days a week
The New Orleans Times-Picayune will move to a three-day-a-week print schedule in the fall, becoming the largest metropolitan newspaper to cut back paper publication in what has increasingly become an electronic world of information.
-
Ad-skipping device at heart of legal battle between Fox, Dish
Fox Broadcasting Co. has sued Dish Network, becoming the first television network to fire a legal salvo over the satellite company’s controversial new ad-skipping device called AutoHop.
-
Syngenta pays $105 million to settle US litigation
Swiss chemicals maker Syngenta says it is offering $105 million to settle a U.S. lawsuit over one of its herbicides entering water supplies.
-
Some electric vehicle owners find savings on insurance
Early adopters of electric vehicles have to dig deep into their wallets to make the purchase, but some are reaping unexpected savings on their insurance bills.
-
’Personal concierge’ businesses take on to-do lists of the time-starved
Andrea Maida got the panicked phone call early one morning.
- More Business Headlines
-
Jimmy Carter Endorses Egypt's Election Results
Biden Addresses West Point Graduating Class
Dozens of Children Killed in New Syria Attack
Raw Video: Activists Allege Massacre in Syria
NJ Man Charged With Murder in Death of Patz
Support, Fun for Kids of Fallen Soldiers at Camp
Fugitive Penguin Caught, Returned to Aquarium
50 Years Later, Underground Fire Still Burning
Light Show Transforms Sydney Opera House
Raw Video: Unruly Passenger Restrained in Miami
Raw Video: Robber Uses Drive-thru Window
Raw Video: Dragon Arrives at Space Station
Calif.'s Coronado Named Nation's Best Beach
CEO Salaries Become Sore Issue in Labor Disputes
Raw Video: Fight Erupts in Ukrainian Parliament
Texan Ranchers Remain Wary of Drought
Raw Video: Soldiers Plant Flags at Arlington
Police: Man Arrested in Etan Patz Disappearance
NYC Protests: the Revolution Will Be Scripted
Chicago U.S. Attorney Fitzgerald Resigns
