Updated on
Summary
Oil prices hovered near $72 a barrel as investor optimism about a global economic recovery pushed crude to fresh highs for the year. Oil has jumped from below $35 a barrel in March on expectations the worst of a severe U.S. recession was over. Traders are now beginning to price in a recovery and improving demand for crude by the end of the year. Benchmark crude for July delivery rose as high as $72.18 a barrel and was up 55 cents to $71.88.
