Oil Back Over $80 on Rising Economic Optimism

New York, NY, Jan. 4, 2010--Oil prices rose back above $80 a barrel Monday in Asia on optimism a gradual U.S. economic recovery in 2010 will boost demand for crude.

Benchmark crude for February delivery was up 93 cents at $80.29 a barrel at late afternoon Singapore time in electronic trading on the New York Mercantile Exchange.

Oil has jumped from $69 a barrel last month on signs the U.S. economy may be improving.