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| Version 0 | Version 1 |
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| Oil above $60 on US economy hopes | Oil above $60 on US economy hopes |
| (about 7 hours later) | |
| Oil prices edged above $60 a barrel on Tuesday amid renewed hopes of a recovery in the US economy. | |
| US crude rose by $1.02 to $60.05, while London Brent crude was up 75 cents to $59.22 - though both later fell back. | |
| Oil prices had risen sharply on Monday amid fears that attacks on oil facilities in Nigeria could lead to shortages in oil supply. | 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. | Oil has jumped from $32 a barrel in January, but it remains well below the record high of $147 touched last July. |
| 'Resilient' | 'Resilient' |
| US shares soared on Monday after better-than-expected earnings from home improvement retailer Lowe's helped reinforce hopes for a US recovery. | 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. | 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. | "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. | 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. | On Monday, oil prices rose after militants in Nigeria, Africa's leading oil producer, attacked two oil pipelines in the southern Niger Delta. |