SINGAPORE–Oil prices hovered above US$95 a barrel Tuesday in Asia as investors mulled whether slowing global economic growth justifies further gains after crude surged 27 percent during the last month. Benchmark crude for December delivery was down 5 U.S. cents at US$95.47 a barrel at midday Singapore time in electronic trading on the New York Mercantile Exchange. The contract rose US$1.26 to settle at US$95.52 in New York on Monday. Brent crude was up 2 cents at US$114.58 a barrel on the ICE Futures Exchange in London. In other Nymex trading, heating oil was steady at US$3.12 per gallon and gasoline futures fell 0.3 cent to US$2.73 per gallon. Natural gas slid 0.2 cent at US$3.69 per 1,000 cubic feet.
Crude has jumped from US$75 on Oct. 4 amid growing investor optimism that Europe will be able to at least temporarily contain its sovereign debt crisis. Commodities have also rebounded on signs that the U.S. economy has avoided a recession this year.