Crude Oil Hits Six Month High

Crude oil hit a six month high of $63.82.barrel overnight, the highest level since mid-November, bolstered by bullish comments from Saudi Arabia and data that showed U.S. home sales picked up in April.

Saudi Oil Minister Ali al-Naimi, speaking on the eve of a meeting of the Organization of Petroleum Exporting Countries in Vienna, said oil prices would continue to rise and that the global economy was now strong enough to support $75-$80 oil.

The US Energy Dept is due to release crude stocks data later today. Expectations are that inventories posted another drop this week, this time by some 700,000 barrels, which would also be supportive for prices.