| GEO Business | | Oil rises above $60 on signs of recession easing | Updated at: 1438 PST, Tuesday, May 19, 2009
SINGAPORE: Oil rose above $60 a barrel Tuesday in Asia after investors took heart from signs the U.S. recession is easing.
Benchmark crude for June delivery was up $1.09 to $60.12 a barrel by late afternoon in Singapore in electronic trading on the New York Mercantile Exchange. On Monday, the contract jumped $2.69 to settle at $59.03.
Most analysts expect oil prices to increase over the next year as global economic growth recovers, some suspect the recent surge from below $35 a barrel in March may have gone too far, too fast.
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