Oil prices jumped to a six-month high above 60 dollars Tuesday on growing signs of economic recovery amid concerns about unrest in African crude producer Nigeria, traders said.New York's main futures contract, light sweet crude for delivery in June, rallied to 60.48 dollars a barrel -- a level last seen on November 10. The contract later stood at 59.90 dollars, up 87 cents from Monday's close. Brent North Sea crude for July delivery touched a six-month high of 59.65 dollars a barrel before pulling back to 59.05 dollars, up 58 cents from Monday.
"Gains in the stock market increased optimism that the global economy is recovering," said BetOnMarkets analyst David Evans.
| Plus the risk of inflation, plus the new money finding its way into hedge funds who need to generate returns better than said inflation ... |