Crude oil spikes back above $60 a barrel

Crude oil prices are back above $US60 a barrel for the first time since December.

In early trade on Tuesday, the price of West Texas Intermediate crude oil was up about 2% to above $US60 a barrel for the first time in about 5 months as prices have continued to creep higher after WTI hit a low of $US43 back in March.

Brent crude oil, the international benchmark, is trading at around $US67 a barrel.

The latest rally in crude comes after Saudi Arabia’s oil minister Ali Al-Naimi said that oil prices aren’t set by OPEC or anyone else in the market, saying that oil prices are “up to Allah.”

Here’s the price of WTI on Tuesday.

And here’s the move higher in oil prices since the bottom in March.

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