Oil prices hovered near $70 a barrel Tuesday in Asia after a pullback in global stocks triggered a sharp drop the previous day. Benchmark crude for October delivery was up 28 cents at $70.24 a barrel by midday Singapore time in electronic trading on the New York Mercantile Exchange. The contract Monday lost $2.78 to settle at $69.96 after a drop in stocks heightened investor concerns that the global economic recovery may be weaker than expected. China's benchmark stock index fell 6.7 percent Monday while the Dow Jones industrial average fell 0.5 percent.