Oil hovers below $100 on signs US

Oil prices hovered below $100 a barrel Friday in Asia on signs the US economy is improving. Benchmark crude for February delivery rose 12 cents to $99.77 a barrel at midday Singapore time in electronic trading on the New York Mercantile Exchange, according to media reports. In London, Brent crude was down 6 cents at $107.95 a barrel on the ICE Futures exchange. Crude has traded near $100 since mid-November after jumping from $75 in October as investors eye growing evidence the U.S. economy could avoid a recession next year. The US government on Thursday announced that claims for jobless benefits fell to a four-week average of 375,000, the lowest level in three and a half years. (QNA) f l