Reply #9: Oil hovers near $80 as US economy recovers (Bwahahahaha!)

[ozymandius]

What a headline!

SINGAPORE – 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.

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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.

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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.

http://news.yahoo.com/s/ap/oil_prices