Oil hits 6-month high above $62

Crude futures recover earlier losses ahead of the next OPEC meeting, as a triple-digit rally on Wall Street supports takes charge.

NEW YORK (CNNMoney.com) — Oil prices rebounded Tuesday to their highest level this year as a triple-digit rally on Wall Street pulled crude off its earlier lows.

Violence in oil-rich Nigeria cut off supply pipelines, contributing to the price lift. At OPEC’s upcoming meeting, investors expect the organization will leave production quotas unchanged.

Light, sweet crude for July delivery rose 78 cents, or 1.3%, to settle at $62.45 a barrel Tuesday.

That’s the highest settle price since Nov. 5, and the fourth day in a row that oil has settled above $60.

Oil reached as low as $59.53 earlier in the session.

The New York Mercantile Exchange was closed Monday in observance of Memorial day, but oil continued to trade electronically.

CNN