Oil rises as China data gives recovery sign
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Oil prices inched higher Tuesday in Asia, after sliding on Europe's deepening debt turmoil the day before, as a survey suggested a recovery in China's manufacturing is taking hold.
Benchmark crude for September delivery was up 50 cents at $88.64 a barrel at midday Bangkok time in electronic trading on the New York Mercantile Exchange. The contract tumbled $3.69, or 4%, to settle Monday at $88.14 per barrel in New York after Spain's borrowing costs surged, raising the risk that it will require a financial bailout. (AP)
