SINGAPORE (AP) - Oil is near $85 a barrel in Asia, recovering from an eight-month low amid hope Europe's leaders may contain the continent's debt and economic crisis.
Benchmark oil for July delivery was up 76 cents to $84.74 per barrel in electronic trading on the New York Mercantile Exchange. The contract rose 75 cents to settle at $83.98 in New York on Monday.
In London, Brent crude for July delivery was up 44 cents at $99.29 per barrel on the ICE Futures exchange.
Crude fell to below $82 in trading Monday, the lowest since October, as concern a global economic slowdown will undermine oil demand pulled prices down 23 percent in the last month.
First Coast News