Oil prices hover at $61 a barrel

Oil prices are hovering around $61 a barrel, as supply concerns were prompted after two key US refineries were hit by fires.
US light crude increased $1.24 to $61.34 a barrel, while Brent oil climbed $1.04 to $59.96.
Another factor pushing up prices was unrest in oil-producing nation Nigeria.
The price of crude oil has risen from below $33 a barrel last December, but remains far below the record of around $147 a barrel seen last July.

Figures released late on Tuesday showed stocks of crude oil in the US dropped more than forecast in the week to 15 May.
„Energy market participants … appear to be making the same conclusions as their equity market cousins have that optimism is not misplaced,“ said Mike Fitzpatrick, vice president at MF Global in New York.
Oil prices have risen from $50 a barrel over the last three weeks, as optimism about the state of the world economy has grown.
„It has been easy during the last two months to write that oil prices were just following the direction of the Dow,“ said Olivier Jakob of Petromatrix in Switzerland.
„But we think that time is changing to an environment where oil markets will trade more their own fundamentals,“ he said.

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