KNOE 8 News; KNOE-TV; KNOE.com |Oil hovers below $77 amid mixed signs on economy
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Associated Press - July 20, 2010 5:14 AM ET
SINGAPORE (AP) - Oil prices hovered below $77 a barrel today in Asia as crude traders wait for clearer signals on the strength of the global economy and stock markets.
Benchmark crude for August delivery was up 18 cents to $76.72 a barrel at late afternoon Singapore time in electronic trading on the New York Mercantile Exchange. The contract rose 53 cents to settle at $76.54 on Monday.
Oil has traded between $64 and $87 so far this year and has hovered near $76 for the last two weeks amid light summer trading volume. Investors are eyeing a slow U.S. economic recovery and mixed corporate results so far during second-quarter earnings season.
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