Updated from 12:51 a.m.
NEW YORK (
) -- Oil rose to over $80 a barrel, but has slipped back a bit Tuesday as strong corporate earnings reports from the likes of
buoyed investors' confidence in an economic rebound.
Stocks in Asia traded higher Tuesday, as markets in Tokyo and Hong Kong posted solid gains on the back of technology shares.
Crude oil for November delivery was trading up 24 cents to $79.85 a barrel in electronic trading on the New York Mercantile Exchange at 3 a.m. EDT. It traded as high as $80.05 a barrel during the session, a high for the year. The contract settled at $79.61 on Monday, up $1.08.
Some analysts expect a pullback in crude oil now that is has passed the $80 mark.
"We'll see a correction," Tradition Energy analyst Gene McGillian said last week. "Whether it comes on Monday or when it goes above $80 is yet to be seen."
surpassed fourth-quarter revenue and profit targets on Monday on strong Mac and iPhone sales.
beat third-quarter analysts' estimates on sales of its analog products.
Gold for November delivery was higher by $8.20 an ounce to $1,066.30 as the dollar fell to near a 14-month low against the euro.
-- Reported by Joseph Woelfel in New York
Follow TheStreet.com on
and become a fan on