27 May 2009

Oil prices hit new six-month high

9:57 am on 27 May 2009

Oil prices climbed to a new six-month high on Tuesday.

Traders viewed a jump in US consumer confidence as a signal for an economic rebound and increased energy demand.

New York's main futures contract, light sweet crude for delivery in July, rose 78 cents from the closing price on Friday.

It ended at $US62.45, the highest close since 5 November 2008.

London's Brent North Sea crude for July jumped $US1.03 to $61.24.

Monday was a market holiday in Britain and the United States.