Crude oil prices steady in early trading on Monday

Oil prices jumped above $79 a barrel in early trading on Monday as investors looked to the corporate earnings of big US retailers this week for signs the consumer may be regaining confidence.

Benchmark crude oil futures for November delivery rose as much as 52 cents to $79.05 a barrel but later fell back and was up 24 cents at $78.77 by midday Singapore time in electronic trading on the NYMEX. The contract added 95 cents to settle at $78.53 on Friday.

Last week, crude oil prices broke out of a five month trading range between $65 and $75 a barrel on a weakening US dollar and expectations that oil demand will eventually recover as the global economy grows next year.

In London, Brent crude oil futures for December delivery rose 13 cents to $77.12 on the ICE Futures Exchange.

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