SINGAPORE — Oil prices hovered below $82 a barrel today in Asia, losing momentum after a monthlong run-up fueled by growing investor optimism about global economic growth.

Benchmark crude for April delivery was down 40 cents to $81.47 a barrel at midday Singapore time in electronic trading on the New York Mercantile Exchange. The contract rose 37 cents to settle at $81.87 on Monday.

Crude has risen from $69.59 a barrel on Feb. 5, or about 18 percent, amid signs the U.S. economy is emerging from last year's recession. Investors are still waiting for evidence that oil demand is recovering and will be eyeing weekly inventory data later this week.

Oil prices have been "buoyed by continued positive macroeconomic data flow and a gradual tightening of oil market balances," Barclays Capital said in a report. "The dominant range is moving upward, and a rough $70 to $80 range will ultimately transition to a $80 to $90 range."