Oil above $81 in Asian trade

Oil prices bounced back in Asian trade today on positive economic news from the United States and economic growth in China coming within expectations, analysts said.

New York's main contract, light sweet crude for delivery in December, rose 58 cents to $81.14 a barrel.

Brent North Sea crude for December delivery jumped 0.49 cents to $82.32.

Victor Shum, an analyst with energy consultancy Purvin and Gertz in Singapore, said investors were cheered by a fall in new claims for jobless benefits in the United States and strong US corporate earnings.

The United States is the world's biggest oil consuming nation and demand in the country is closely monitored by the market.

"What is supporting the rebound is some positive economic data coming from the US," Shum told AFP.

"Some of the positive economic data include the fall in jobless claims numbers and also the good earnings reports from various companies."

New claims for US unemployment benefits for the week ending October 16 fell in the week ending October 16 and was also better than what economists had predicted.

On the American corporate front, online auction powerhouse eBay reported that its recent quarter net profit surged 23% to $432 million when compared to the same period a year earlier.

Aerospace giant Boeing, fastfood chain McDonald's, online retail company Amazon and airline firm United Continental Holdings were among those that reported higher net profits.

Shum said investors also shed initial concerns over China's third quarter economic growth, which came in at 9.6% year-on-year, a slower but still robust pace.

"That is really within the expectation of the markets... It shows that policy makers in China have managed a soft landing of their economy."

For next week, Shum said he expects crude prices to stay in the "low 80-dollar" levels ahead of a meeting of the US Federal Reserve early next month.