Oil above $60 on US economy hopes

Oil prices have risen above $60 a barrel on renewed hopes of a recovery in the US economy.
US crude rose by $1.02 a barrel to $60.05, while London Brent crude was up 75 cents to $59.22
Oil prices had risen sharply on Monday amid fears that attacks on oil facilities in Nigeria could lead to shortages in oil supply.
Oil has jumped from $32 a barrel in January, but it remains well below the record high of $147 touched last July.

‘Resilient’
US shares soared on Monday after better-than-expected earnings from home improvement retailer Lowe’s helped reinforce hopes for a US recovery.
A strong US economy can benefit the price of oil – both because of increased domestic demand but also because it is a major export market for many countries.
„Oil seems to stay resilient in spite of ample supply as it continues to focus on the prospects of economic recovery and the rising risk of commodity price inflation,“ said Phil Flynn at Alaron Trading.
There are also continued fears that attacks on oil facilities in Nigeria could hit supplies.
On Monday, oil prices rose after militants in Nigeria, Africa’s leading oil producer, attacked two oil pipelines in the southern Niger Delta