Crude futures continued to rise on Tuesday as a rising stock market and weakening dollar helped boost oil market sentiment.
Light, sweet crude for June delivery topped 60.48 U.S. dollars a barrel before retreating to settle at 59.65 dollars a barrel, trading up 62 cents, on the New York Mercantile Exchange. As June contract expires on Tuesday, the more active July contract rose 51cents to settle at 60.10 dollars a barrel.
The latest data showed that U.S. housing starts and permits slid in April, but analysts said that slower new construction meant inventories should fall and it signaled the possible stabilization in the housing market.
Oil followed closely the performance of the stock market. Wall Street fluctuated and stayed in positive area in afternoon trading when the oil market closed.
Meanwhile, dollar fell against euro and all other major currencies, which also helped push up commodities prices including crude futures.
In London, Brent crude rose 45 cents to settle at 58.92 dollars a barrel on the ICE Futures Exchange.