(PTI): Oil prices have reached $60 a barrel — their highest level in six months — boosted by a weak dollar and a global rebound in stocks.
US crude hit $60.08 a barrel on Tuesday for the first time since November last year. It later reached $59.82 a barrel. London Brent crude was up $1.16 at 58.64 a barrel.
Oil prices have seen sharp gains since hitting a low of about $32.40 a barrel in December. However, they are still well below the record high of above $147 a barrel reached in July last year.
The US dollar fell to a four-month low, pushing up oil prices, which are priced in dollars and tend to rise when the dollar falls.
Oil also climbed in response to a rally in global equity markets this month, which revived hopes that the economic climate might improve and that demand for oil may recover.
Tags: Highest level, Oil prices, six months