Oil climbs above $60 a barrel

Continued optimism that the world economy is on the mend has helped lift the price of a barrel of crude oil above $60.

Light, sweet crude for June delivery hit $60.08 on the New York Mercantile Exchange, almost double its level in January.

Oil prices have moved in tandem with a global rally in other commodities and equities, as the impression that the worst of the downturn is over gains ground.

Among the latest data to push the oil price higher is a statement from the Chinese customs department saying crude imports into the far eastern country rose by 14% in April.

The rise in the oil price also comes after the Organisation for Economic Cooperation and Development said the UK and other countries are showing ‘tentative signs’ of a pause in the pace of economic decline.

Oil prices have also been supported by production cuts from countries that are members of the Organisation of Petroleum Exporting Countries, OPEC.

Crude is still a long way off the $147 a barrel it hit in July last year.