Crude Oil Hits USD60/Barrel

Crude oil hit $60.08 yesterday, it's highest level since November, before falling back slightly to settle at $58.85/barrel.

It's back up again this morning, 83 cents higher at $59.68/barrel, on a combination of a weak dollar and economic recovery optimism.

All eyes will be on the US Energy Dept's stocks data due out later this afternoon, after the American Petroleum Institute surprised the market yesterday by announcing that crude inventories fell 3.1 million barrels last week. Analysts had been expecting a 1.4 million barrel increase.