Oil prices hovered above $89 a barrel Tuesday in Asia, the Associated Press reported. Benchmark oil for February delivery was up 14 cents to $89.51 a barrel at late afternoon Singapore time in electronic trading on the New York Mercantile Exchange. The contract rose 77 cents to settle at $89.37 on Monday. In other Nymex trading in January contracts, heating oil fell 0.2 cent to $2.49 a gallon, gasoline futures rose 1.1 cents to $2.39 a gallon and natural gas dropped 2.2 cents to $4.22 per 1,000 cubic feet. In London, Brent crude rose 9 cents to $92.83 a barrel on the ICE Futures exchange.
