SINGAPORE (AP) -- Oil prices hovered near $64 a barrel Tuesday in Asia as investors weighed improving corporate results against weak crude demand.

Benchmark crude for August delivery was up 5 cents to $64.03 a barrel by late afternoon Singapore time in electronic trading on the New York Mercantile Exchange. On Monday, the contract rose 42 cents to settle at $63.98.

Traders have been cheered by stronger than expected second quarter company earnings, which suggest the U.S. economy is recovering from its worst recession in decades. Crude prices have jumped from $58.78 a barrel two weeks ago.

Some positive economic data is also fueling optimism. The Conference Board's index of leading economic indicators improved more than expected in June. It was the third straight month of gains.

"The corporate reports have reinforced the sentiment that the worst is over," said Ben Westmore, an energy analyst with National Australia Bank in Melbourne. "But there haven't been any tangible signs that consumption has turned around."

Investors will be looking to a weekly inventory report from the Energy Department's Energy Information Administration on Wednesday for signs that crude demand may be growing.