Oil Prices Reach Six Month High on Econ Optimism

New York, NY, May 27, 2009--Oil prices rose to six-month highs Wednesday as an increase in U.S. consumer confidence fueled optimism that the world's largest consumer of oil is emerging from a severe recession.

Benchmark crude for July delivery was up 67 cents to $63.12 a barrel by midday in Europe in electronic trading on the New York Mercantile Exchange. Earlier in the session, the contract reached a peak of $63.45, its highest level since mid-November. On Tuesday, the contract rose 78 cents to settle at $62.45.

In London, Brent prices rose 79 cents to $62.03 a barrel on the ICE Futures exchange.

Oil prices have jumped from below $35 a barrel in March on investor expectations that the worst of the global economic slowdown is over.