US data, Iran fears send oil higher in Asia

SINGAPORE: Oil prices rose in Asian trade Tuesday with buoyant US consumer data and heightened worries over Iran's nuclear programme providing support, analysts said.

New York's main contract, West Texas Intermediate crude for delivery in February was up 28 cents to $101.59 a barrel.

Brent North Sea crude for February gained 15 cents to $112.60.

"US consumer economic data saw its biggest jump in a decade, signalling increased confidence in its economic recovery," said Nick Trevethan, senior commodities strategist at ANZ Research.

Data out of Washington on Monday showed a 9.9 percent surge in consumer credit in November, the biggest increase since 2001.

Credit card spending was up 8.5 percent, while non-revolving loans, including university and automobile loans, jumped 107 percent.

It added to the growing sense that a recovery in the world's biggest economy and oil consumer is showing signs of strength, coming days after a fall in the unemployment rate and a bigger-than-forecast rise in job creation.