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Oil hovers below $79 amid strong Asian demand

Published: November 17, 2009 9:26 AM
By The Associated Press  ALEX KENNEDY (Associated Press Writer)

Quick ReadOil hovers below $79 as investors look to Asian growth to offset US weakness

SINGAPORE (AP) — Oil prices hovered below $79 a barrel Tuesday in Asia as investors look to crude demand growth in Asia next year to offset a sluggish U.S. economy.

Benchmark crude for December delivery was down 45 cents to $78.45 a barrel at late afternoon Singapore time in electronic trading on the New York Mercantile Exchange. The contract rose $2.55 to settle at $78.90 on Monday.

Traders...

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