Crude Investing News reports crude prices have increased with the positive outlook in the economy.
Prices were also supported by concerns of disruptions to African oil supplies as Nigerian militants threatened to block waterways used for energy exports and a fire at a Sunoco Inc. refinery in Delaware affected operations.
The June crude contract expires on Tuesday. The more-actively traded July contract gained 81 cents, or 1.4 per cent, to $60.40 a barrel, traders said. “$60 is still the resistance level,” said Clarence Chu, a trader with oil options dealer Hudson Capital Energy in Singapore. “Everybody is still looking at the June contract even though July is where the volume and the liquidity are.”
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