Oil prices hover over $60

Oil prices hover over $60
# 19 May 2009 16:05 (UTC +04:00)
Baku– APA-Economics. Oil rose to a new six-month high above $60 a barrel on Tuesday as unrest in key producer Nigeria and a U.S. refinery outage kindled concerns over oil fundamentals after weeks of equity-led rallies.
U.S. crude for June earlier struck $60.48 a barrel, the highest since mid-November. By 6:40 a.m. EDT it had trimmed gains, trading 73 cents up at $59.76 ahead of its expiry. The more actively traded July contract rose as high as $60.99.
On Monday, U.S. crude rose more than $1 to $60.21, the highest settlement price since November.
North Sea Brent for July also struck a six-month high of $59.65 and was trading 44 cents up at $58.91.
Oil prices have been on an upward trend since mid-April, and have recovered from below $33 in December last year after a plunge from record highs above $147 in July.
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