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Oil hits six month high on hopes of a US recovery

OIL prices hit a six-month high yesterday, as the cost of a barrel hit $60 (&pound;48), on hopes that the US economy was on its way to recovery.<br /><br />US crude rose as high as $60.05, while London Brent crude went up to $59.22, although both later dropped back.<br /><br />Earlier this week, oil prices were sharply up as attacks on oil facilities in Nigeria led to fears of a supply shortage.<br /><br />The price of the commodity is slowly rising from the lows of $32 a barrel in January, but has yet to hit the highs seen last summer, when oil touched $147 per barrel.<br /><br />Better-than-expected reports from US retailer Lowe&rsquo;s reinforced hopes for a recovery, triggering the hike in oil prices.<br /><br />The US is a major export market for&nbsp;many countries. When there is&nbsp;strong internal demand, sparked by a strong economy, it benefits the oil price.