Oil hovers near US$71 Monday as investors eye US consumers

SINGAPORE: Oil prices hovered near $71 a barrel Monday in Asia as investors looked to signs later this week of the U.S. consumers' health.Benchmark crude for September delivery was up 17 cents to US$71.10 a barrel by midday in Singapore in electronic trading on the New York Mercantile Exchange.On Friday, the contract fell $1.01 to settle at $70.93.Crude prices have fluttered near $71 a barrel and $72 for about a week as investors try to gauge how strong a U.S. economic recovery will be this year.The government said Friday that the unemployment rate fell to 9.4 percent in June, but gasoline demand has been weak this summer.This week, the U.S. government will report July retail sales, and Wal-Mart Stores Inc. and Macy's Inc. will announce their second quarter results.In other Nymex trading, gasoline for September delivery fell 0.65 cent to $2.00 a gallon and heating oil rose 1.15 cents to $1.92.Natural gas for September delivery gained 4.7 cents to $3.72 per 1,000 cubic feet.In London, Brent prices rose 20 cents to $73.79 a barrel on the ICE Futures exchange. - AP