Oil above $80 amid signs of improving US economy

Oil hovered above $80 a barrel Thursday in Asia amid signs the US economy, the world's largest crude consumer, may be improving.

Benchmark oil for August delivery was up 10 cents at $80.31 a barrel at late afternoon Singapore time in electronic trading on the New York Mercantile Exchange. The contract rose 85 cents to settle at $80.21 in New York on Wednesday. (AP)