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Oil hovers near $89 as China production improves

By Pamela Sampson
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BANGKOK (AP) — The price of oil hovered around $89 a barrel Monday as investors focused on signs that China’s economy may be picking up after a prolonged slowdown.

Benchmark crude for January delivery was up 2 cents to $88.93 a barrel at late afternoon Bangkok time in electronic trading on the New York Mercantile Exchange. The contract rose 84 cents to close at $88.91 in New York on Friday.

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