Reply #3: Oil hovers near $78 amid positive US economic data

[ozymandius]

SINGAPORE – Oil prices hovered near $78 a barrel Tuesday in Asia as investors welcomed new U.S. manufacturing and construction figures as positive signs of an economic recovery.
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The Institute for Supply Management said Monday that U.S. manufacturing activity grew in October at the fastest pace in more than three years, while the Commerce Department reported that September construction spending posted a better-than-expected performance.

And the National Association of Realtors said the volume of signed contracts to buy previously occupied homes rose for the eighth straight month in September.
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In other Nymex trading, heating oil fell 0.40 cent to $2.04 a gallon. Gasoline for December delivery dropped 0.88 cent to $1.98 a gallon. Natural gas for December delivery jumped 1.5 cents to $4.84 per 1,000 cubic feet.

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